It seems to me like trying to make the jumping in the game more realistic would greatly diminish the usefulness of jumping, not to mention render the acrobatics skill entirely pointless (If it still exists at all, whether as a seperate skill, or is combined with another skill.) What's the point in improving you're ability to jump if you're not going to be able to jump high enough to make a difference anyway? You probably don't need to jump that often in real life, under normal circumstances, because it won't usually get you anywhere that you can't reach by other means, if you can't walk there, you'd probably be better served by climbing up there, which is another reason why reducing jumping height would be a bad idea, unless Bethesda has included climbing of some form, even if it's just the limited climbing over objects or onto ledges that many games have, which I guess could have happened, but I doubt it. In past Elder Scrolls games, you'd often find places that can only be reached by jumping which, realistically, you could climb onto in real life. If you reduce the height of jumping, you're basically turning barriers that you should be able to get over in the game into insurmountable waist high fences, and it's annoying to see unnecessary use of barriers you should be able to pass, even more so in an open world game, and it certainly isn't realistic.
So no, keep the jump height the same as past games, though it does need better animations. Beyond that though, the Elder Scrolls is a video game, not a simulator, anything that isn't entertaining has no place in the game, and I fail to see how making jumping basically worth it would make the game more entertaining.
Or, if Bethesda MUST do realistic jumping, than bring back the jump spell from Morrowind, so there is at least some way to make jumping useful.
This. Oh God, Mara, Talos, Akatosh, and all Aedra and Daedra, THIS!
Also:
Realism is overrated. If I can kill a 100 foot lizard with a 3 foot sword I think physical realism went out the window a long time ago. I'm perfectly fine with my character doing the impossible even without magic in a fantasy game.
And THIS. If my head does not fly off when some crazy bastard swung his sword at my neck, I don't need physical overrealism