I hope so. I see the advantages of a favorites list... but some things just won't work well on a favorites list, in my opinion. I don't need a favorites list to gulp down a favorite potion and switch between some staple combinations.
I understand what you mean. But me, personally. I prefer the favorites system. Because it allows for more things to be favorited where as with the hotkeys you could only get 8. Plus, from what we have heard the favorites list is integrated really well and flows smoothly. I have no doubt that it will be easy to get used to and we will be able to fly through that list pausing the game for only a few seconds. Plus, atleast on the 360 the Dpad is very terrible on the diagonal points. Because of that I mainly used 4 hot keys, a sword, bow, my best healing spell and my best destruction spell. The rest were items I didnt use very often. So I am in favor of this new system.