Maybe something akin to the survival mode in New Vegas? Would maxing the difficulty have that effect? I loved oblivion but looking back it would have been even more interesting to have a raised difficulty that made it necessary to take advantage of every gameplay mechanic such as repair, thieving, alchemy, soul gems etc. etc. I did not really take advantage of all that Oblivion had to offer because I found it a little too easy making such things seem unnecessary. But if we had a more realistic mode that really upped the difficulty and made good armor and weapons etc. hard to come by, then perhaps a FULLER experience could be had. It would be awesome to have to plan out a quest before beginning and actually spend some significant effort in just preparing for the quest before you even get started. Maybe lacking sleep would start to wear on your stats more and more until you rest. Same for food (which would actually make the areas where you can buy food and drink more relevant to the experience). What do you guys think?

Going to have to wait for mods.