Being King of Skyrim does not equate to the horrible implementation of the concept in Fable III. Lionhead always generally has great ideas, but their implementation is always usually sub-part at best. That is now how BGS does things. I think we saw a good start with becoming Sheogorath in the Shivering Isles, and I wouldn't be against the idea if BGS added more responsibilities and benefits to the task.
Aside from being a king though, a pat on the back or "thank you" would be nice. I don't really need much. I'm sure by the time we are at the end of the game, we will likely have the best armor/weapon anyways, unless you are the type to just plow through the story without doing anything else.