I never realized they didn't have final hardware until 6 months prior to release with Oblivion. That would explain some of the quirks with the engine and many of the design decisions. The good thing with Skyrim is that they've had final hardware since day 1. I don't know exactly how that impacts development but it's got to be good. At the very least I feel assured that this game isn't being rushed.
The huge advantage established consoles have - and something I think PC gamers often forget - is that designing for a
specific hardware configuration allows a lot more freedom than designing on top of support tools like DirectX. DirectX is awesome, don't get me wrong - it allows developers to think more about their game and less about the hardware underneath - but when developers are literally given Processor X and GPU Y and told "This is all your game is
ever going to run on, now go!", they're afforded much more elbow room when it comes to actually developing the game itself. So, you're right: the fact that they've been working with these specific hardware setups ever since the final stages of Oblivion bodes very well for the outcome of Skyrim, on all platforms.