I hate it. Whoever thinks scaling things like loot and shop inventories to the player's level is a good idea at Bethesda needs a hard slap round the face. :meh:
It makes the world feel so artificial and completely puts me off exploring dungeons.
Have tons of high level enemies guarding high level loot, as well as dangerous traps.
If a level 7 player is somehow able to get past dozens of death traps, several level 50 Draugr overlords, and a dragon priest, then they deserve the Awesome Sword of Awesomeness that's waiting for them at the end. Not 50 gold and a gold necklace...
The problem is that you can do it! And once you learn to do it on one character you will do it every time on all new characters and pretty much negate huge chunks of gameplay.
I remember the morrowind alchemy trick, basically your next pot made was based off your current intellect (I think it was), so you made an int pot. Drank it. Made another slightly better, drank that, and so on until you ended up being able to make +10,000 str pots that lasted for days. It was great the first few times, but kind of killed the replay value when you knew you could do it and then could one shot every mob in the game. The only problem was one shotting the mob also one shotted your weapon so you had to carry a ton of them.
The only way I agree with you is that this is not an MMORPG so exploits like that don't break the game for anyone else. However I can see why bethesda are trying to extend the life of the game for customers. After all the exact fans who would be trying tricks like getting daedric armor at level 7 are also their core fan base and they would rather not see them negate the difficulty of the game and cut back on their likelyhood of buying xpacs or future TES games.