What I really loved in Daggerfall and Morrowind were the many options you had for dressing and equipping your character. You could wear a robe, pants, shirt, skirt, and armour together, and armour had much more parts (left and right pauldron, left and right gauntlet, briastplate, greaves...) than in Oblivion. It was a lot of fun to wear different clothing and armour parts together, there could be more enchanted items to wear at the same time, and exploration was more rewarding as you found better armours piece by piece. Instead of finding a full deadric upper body armor, you might only find the briastplate, or one pauldron, etc.
This equipment system has always been one of my favourite parts of the Elder Scrolls series and I'd love to see it back. It was one of the old features that I've been missing most gravely in Oblivion, since it allowed for much greater character customization, both visually (wearing clothes that fit your character) and in the type of enchantments (strength-increasing enchantments for a warrior, magic-skill-increasing for a mage, etc).
Opinions?