Oh god I hope not. levitation was such a stupid spell. Now maybe a flying potion like in IC would be okay where you would have a limit on using levitation.
I'm thinking that, instead of a levitation spell's potency affecting how much of your original speed you retain, it would instead determine your maximum altitude in relation to the ground beneath your feet. Weak potions and inexperienced magi would have just enough skill to levitate a few feet off the ground, handy for crossing bodies of water and the like but not necessarily game-breaking. Being able to reach heights as great as those in Morrowind, however, should be very difficult to attain - so that you don't have every other fighter decked out in heavy armor flying around Vivec city at level 7.
But there really has to be
some elements of verticality. I found it funny how most of Morrowind's dungeons were fairly 2.5D yet the game still had levitation, whereas Oblivion's had plenty of bridges and overhangs but none at all.