morrowind had hand placed loot which meant that after a few play throughs you knew where everything was and it took the mystery out of hunting. oblivion was the exact opposite with generated loot that was mostly useless and was levelled with a very few quest exception.......even then the weapons were themselves levelled. ive been playing a mod for STALKER CoP which randomizes the locations of the toolkits at the beginning of each game so that they are not all in the same location everytime. im not sure if its entirely random or they have 10 possible different configurations and then you get one of them at the begining but it adds back the randomness of the game.
i hope they put something similar in the next game....a hybrid of morrowind and oblivion. each game has handplaced loot of certain items but they have different locations at the start of each game.
also, i would love to see a diablo style enchantment system with weapons and armor. that would make scrounging 1000 times more fun that just gathering loot to sell. there was a mod being worked on a while back for it but i dont know if it ever got finished or not.....ARES i think it was.