I hated the dexterity / hit system. I didn't think it was forgiving enough. *miss miss miss miss hit miss hit miss miss miss. Wtf? I'm aiming right at the thing!
I understand how it worked. I wouldn't mind if they brought it back, but it needs some tweaks to keep it from feeling like a punishment.
It shouldn't feel that way if you attack a creature who also has a very low level of dexterity. Then, you should hit one out of every two times, all things being equal. From my perspective, the problem is the FPS-based belief that your gun/knife/sword/whatever must always hit, and what changes is only damage relative to health. That's true in Oblivion, but not in Morrowind.
But I gotta disagree with the rest. Alchemy doesn't always work, and there are negative effects on some potions in skyrim. Take a look at the alcchemy tree.
I should have been clearer. By alchemy always working, I meant in the sense that it does in Skyrim and Oblivion: if you know a formula and you have the ingredients, making the potion always works. In Morrowind, knowing the formula didn't mean you could always employ it correctly. This seemed more...realistic to me. I might know how to fix a car because I have a book in front of me (to use a tedious anology), but that doesn't mean I'm as good as an auto mechanic, and I can probably destroy it as well as any destruction spell can.
The negative effects thing on potions is that in Morrowind or Oblivion you could make a potion that had mixed effects, good and bad. In Skyrim, effects are either one or the other.