what is the point of eating food if health regenerates on its own?
actually it's a question i kinda pondered about with Oblivion as well - health didnt exactly regenerate but one could just wait an hour and it does.
is it like magic potion - eat during combat so get quick health refill?
i think that the best use of food should be that it CANT be used during combat (it takes a few good seconds form the moment u apply food until the health re-fills) but food can heal you BEYOND 100% health. natural health regen can bring you to 100% health but not more.
also, in order to encourage eating and sleeping in inns i'd also reckon that feeling health with food and sleeping in more expensive places gives a boost to XP, but can only be done after gaining some XP between sleeping and eating (so ppl can't sleep, wake up, wait, sleep, wake up, sleep etc).