The only problem with mirrors is, it's a resource hog. The act of reflection in a video game is no easy feat. That requires a lot of programming.
I'd rather them make Skyrim an amazing game without having to work on mirrors/realistic reflection.
If you can make water reflective (Which it was in Oblivion, by default, it didn't reflect characters, or many things, for that matter, but that's only because reflections for those things weren't inabled, and very simple changes to the ini fixed that.) I see no reason why you shouldn't be able to do the same for mirrors. If anything, I'd think reflections on mirrors would be easier to do than water, since you just need to reflect an image, when you do reflections on water, you need to distort that image and have it move like liquid should, admitably, I don't know all the technical details about this sort of thing, but I see no reason why the kind of technology that seems to have allowed for reflective water for what is a reletively long time as far as video games are cocerned should work just fine for mirrors and other surfaces that should be reflective as well. Yet I actually can't name that many games I've played in recent years that do this, even though they have reflective water. Admitably, I suppose if you want to make EVERY surface that should be reflective have actual reflections, that would be kind of hard on the computer, but while being able to see my reflection in my enemy's sword would look impressive at first, it isn't really something I'd need to have for the game to look believable, now mirrors, on the other hand, look pretty strange when they're not reflective.
If nothing else, though, I'd like to be able to see my reflection in water in first person, but that first requires the character's body exist in first person, because seeing yourself reflected as a pair of floating arms would look really strange, it also requires that water BE reflective, which nothing we've seen seems to indicate is the case, even if it logically should be, since Oblivion could do it and Skyrim is supposed to be a graphical upgrade over Oblivion.