I think it would be interesting to have the game set up so, opening your menu doesn't pause the game. I was thinking that this could apply to your inventory, your map page, and your journal. I think it would add a little more immersion to the game. ie: your character can't stand around reading their journal in the middle of combat or they'll be defenseless and get killed. Or they can't rummage through all their gear and drink 5 potions in the blink of an eye.
Menus like your stats, would pause the game, because your character wouldn't actually be doing anything, ie not reading a journal, or checking a map. Of course there would still be a start button, which pauses.
I personally would like to see opening my menu slow the game down, but not an actual pause. I'm thinking the game slows down to something like 'bullet time' so you have enough time to get 1 potion, maybe 2 without your enemies striking you, but you can't be chugging your whole stock. Or you can switch a weapon and/or arrows without issue, but if you're looking to re-dress your entire character you'll be hit.
For the containers, I would have the game keep going at real time, don't loot if you haven't cleared the room For thieves, if there are lots of items grab them all and sort it later.
For picking locks, it would depend on how it's done in Skyrim. For Oblivion I'd slow the game down some, like maybe it runs at 3/4 speed. Morrowind: full speed. I think that would really make it exciting to be a thief, you have to pick a door and there's a guard patrolling the hall, you better be quick if you want to remain unseen.
Anyway those are my thoughts, what are yours?
PS totally off topic, but i have a Q. in the oblivion spoilers and it's getting no help because everyone is here. thanks http://www.gamesas.com/index.php?/topic/1151463-quick-question/