I'd like it if everything didn't look like it was made of plastic. Even dirt in Oblivion had a high sheen on it. This isn't exclusive to TES though, a lot of games today look awful because of this.
I think this is going away for the most part. I think the materials all look much more realistic this time around. People don't glow anymore!
You don't see this as often as you used to, either. I think earlier in this generation they were obsessed with it because it was new technology, hah.
As for little graphic details...how about dust rising when someone is sweeping?
Tracks left in the snow.
Slightly shaky cam when sprinting.
The illusion of being wet in the rain.
Water running down your sword.
Walking into a stream will clear the blood from your blade/clothes.
God rays shining through the leaves.
Awesome spell effects (hopefully!)
Hand adjusting on the sword handle for a better grip with inactivity
Mist on the morning lake! Oh, that would be nice.
I think someone said lightning and thunder. Awesome idea. Maybe spider lightning. Google if it you don't know what I mean.
Fun thread!