Secondly, I believe the "favorites" menu will only bring up a list of often used individual items, not sets of equipment... While this is somewhat dissappointing at first, I think it will work out in the long run, as it lets you create new combinations of your favorite spells/weapons on the fly.
As far as attributes. They are not entirely gone. Beth has said in several interviews that they are going to make the races "feel different" which means that there WILL be underlying attributes governing each race such as Intelligence, Strength, Speed, and Agility. Otherwise whats the difference between a Breton and Imperial? Think about it. They will still be in the game, just under the hood.
I think we need to trust Bethesda. Oblivion was their first next-gen excursion so we can allow them the few mistakes that were made. Fallout 3 was a MUCH better game in my opinion and proof that the developer still has its talent. Now that they are back to TES they understand that we want a deeper experience, and I believe they are going to give us an amazing one.