they have fixed most of the big issues that bugged me about oblivion.....
they didnt design the gameworld around a big bowl shape where you can see everything from the middle or see the middle from anywhere. it looks like the mountains act as visual dividers........and the mountains look great. oblivions mountains were smaller than hills ive seen around here and im in wisconsin not exactlly known for mountains or buffs. the mountains in skyrim look like actual mountains and i cant wait to try and climb one of those svckers.

shadows.......supposedly everything casts realtime shadows and that is a huge improvement.
HDR looks loads better than oblivion, im hoping they are using real time global lighting but i cant tell really from the trailer.
water is much improved......the only thing that looked off were the rapids which uncharted on PS3 did much better.
the textures svck that but that is the console version so what do you expect, consoles cant do hi rez textures or high AA. the PC version will be better im sure and textures are one of the easiest things to mod in.
areas look unique and different. they have a tundra, a forest, what looks like a beach and of course high mountainous areas the only thing i hope is in that i didnt see are fjords........cause in a viking game you have to have fjords.
and they dont have those silly billboard tress anymore...........yeah.