Lighting has improved from Oblivion, obviously...
But I think it still can be improved further.
I think the devs need to tweak it more. It doesn't look right. I asked my brother, who's an artist with great eyes for how things should look (especially lighting), and he said the same. Lighting doesn't look right.
Console limitation maybe.
But even in PC that have more advanced techniques and more processing power to play with (GPU/CPU) noone is able to do it right, althought its getting near there s also the factor that:
TV screen / Monitor screen in which it was done ain t the same as the one it is displayed.
So its a complicated matter that usually require monitor tweaking which have a way to screw up other games/application colors.
And the fact those are screenie that really doesn t reflect the ingame effect.