In Morrowind, the multitude of slots wasn't as unbalanced as it might seem at first, because every item had a limit as to how much enchantment it could hold. Some of the pieces (pauldrons in particular) couldn't hold much, and you've got to stack a LOT of items if each one only holds 2-5% CE resistance to whatever, or something like that. In fact, depending on the material and slot, there were a number of items that wouldn't hold ANY CE enchantment, only an On Use type (the most common enchantment type in MW, which was also removed in OB). Of course, it was POSSIBLE, but not easy to exploit it, and balance could certainly have been better, but you could exploit things in OB well enough even with their "corrected" system. The "cost" of their adjustment was a major "dumbing down" of Enchanting, a serious reduction in customization options, and a much more boring game. Not my idea of a "fix".
Seperate pauldrons isn't an absolute "must" to me, but if that's just one of many symptoms of the overall "streamlining" of the game into a generic fantasy hack & slash fest with no real depth outside of combat, then Skyrim won't be on my "need to buy" list. I guess I won't know whether I'm buying it until sometime after 11/11/11 and the reviews with the REAL story start hitting the forums here.