It would disable achievements, but it would extend the life quite a bit.
Before someone says to get the pc version, my PC svcks terribly and it makes me want to kill myself.

I work for XBOX Customer Support and I can tell you they would never allow anything like that on their console.

Would be lovely but I doubt it'll happen.
The console was something the devs used when the create the game IIRC.
So including it to the console version of the game could bring loads of glitches. (My hypothesis on why it wasn't in Oblivion, FO3 & FNV.)

I think we can best continue this discussion in http://www.gamesas.com/index.php?/topic/1159587-mods-for-consoles/, which is about mods for consoles. Technically not the same thing, but close enough that it doesn't warrant an extra thread about this specifically.