Also, the visuals will be improved. I hope that my manly Conan the Barbarian Nord will finally be able to get the pec size he deserves. However, at this point it seems unclear whether my muscular Conan will actually be any better at melee combat, or worse at stealth and magic, than any level 1 Altmer mage or Bosmer thief. He might just be another Jack-of-all-trades (albeit one with manly pecs) facing the same scaled-down opponents as every other level 1 PC. Maybe TES V will be not only classless, but also with purely cosmetic races, who knows?
If you played Super Mario Brothers in multi-player, you got to choose your appearance and name - Mario or Luigi. You also got to collect power-ups. You could increase your health points. I would expect much more from a 2011 game that has RPG elements. Come to think of it, Mario Kart has different stats for Mario and Luigi (or at least for their vehicles).