Oblivion's lockpicking was designed for Xbox controllers and harder to pick locks with mouse. I always click "Auto lockpick" in Oblivion and waste ~10 lockpicks per lock because as i said it was not comfortable with mouse.(maybe it's just me)
Fallout 3's method was a big relief for me because they made it perfect for mouse! I was enjoying picking every single lock out there.
I hope they make it so in Skyrim that PC controls don't feel awkward when picking locks...
fallout's was definitely the best, just apply that to an older lock, and locks haven't changed that much, it is still the same basic technology I do like Oblivion's though becuase it shows you the innards