There we go again, re-playability.
I have never inclined to restart with a new character in TES until I either lose the save-file or if I screwed up something in the game permanently. "Re-playability" sounds like to me to be nothing more than "You are forced to play the game multiple times to see all the content, whether you want to or not".
For a Collector, this is downright demeaning. If I can't have all the quest items in the same save file then I haven't got the complete collection. If I can't have the complete collection then I will be forced to get the item through console command.
TES is a long term investment for me. As I said just before, I have no desire to dump my character to start again. I just want you to know I am not happy that so many people are telling me I can't play the game my way because they want to force me to play the same way as them.
Hhmmm. I felt the same as you before playing Oblivion, Fallout 3 and Fallout: New Vegas, or at least it sounds like it. I've always played RPGs by completing every quest, collecting every item and acquiring what I believed to be the best stats by the end of the game. It was a labour of love and it was a real achievement by the end of the game. Played the newest FF game? It's tedious, but I still go for every item.
But even without labeling it "replayability" having that degree of choice and consequence throughout the game is what makes it that much more exciting. I'm currently replaying Fallout: New Vegas and I'm doing whole quest sets I never did before and completing others in a different manner. Frankly they would have been boring as can be with my old character because I'd maxed out my character level (I predict Skyrim will be similar with faster leveling and a perk cap at 50) and could take out any enemy with a wave of a hand. The challenge was gone by then.
Now by the time I'm done playing the game (totally) I've gotten every unique item, and by the end of that playthrough I've gotten all the best equipment and weapons for that specific character. I think of it as though I've still collected everything, done everything, seen everything, etc. but the ride was a lot more enjoyable.
It's a long term investment for me too. I played through Oblivion 3 times on the PC and two on the 360, with each game consisting of about 150 hours on average and I'm sure I'll play it again before Skyrim comes out. Each character should be an experience and the game should be good enough that you want to play it over and over. If you purely just want to collect (which I'm not saying you do) then I think you should stick to stamps or coins, but I think it's better to find this balance between depth of choice and completionism - whether it be through collection, exploration, stats, etc.
This discussion is getting off topic, so if you'd like to continue it I'd be happy to debate in another thread, I'll table further debate from myself so this thread can get back to its original purpose.
Not trying to invalidate you, just win you over to my side