Radiant story doesnt mean all quest will be according to your character. alot of quests will be set and always at the same place and stuff like that its only that whith radiant story you will have [censored] happening like: Yo sawg i herd you liek destruction skill? well i think im better than YOU! and then a fight goes.
alot of dungeons will be static and with static loot for sure
Consider all quests related to luck in oblivion. make alot more of them and thats how radiant story will work. you will get those random events based on what you did rather than on luck