Oblivion used a simple weakness-to-magicka recursive formula to do thousands of points of damage using simple, cheap spells. You could enchant your equipment to become permamently invisible fairly easily. Youl could use short duration high effect spells (like charm) to get the cheapest prices with nothing in personality or barter (and to get out paying fines for crimes). You could level infinitely by exploiting how jail time "punished" your character.
So what's in Skyrim? A sneak skill that isn't totally useless. An alchemy system that allows for a little of the recursive fun of Morrowind for those inclined to find it. Enchanting being given back as a skill that can give you some nice equipment.
And yes, if you do everything together, you can be awesome. But Skyrim comes off as slightly less insane and remains less gamey than Morrowind and Oblivion.