The big effect, as I see it, is on potion consumption. In MW I frequently used potions or spells or scrolls to heal if I was close to the end of a task and simply wanted to get through it before I went home. In skyrim, all the restore-x potions are useful only in combat to stay alive. Given my often mediocre alchemy skill and tendency to get in over my head with multiple enemies, it means I often use a bunch of healing pots. It's ok, though, because I can carry a bunch of them even with "wimpy" characters.
Given regenerating magicka, it is irrelevant if I use an easily-available spell to heal after combat or simply let it happen as I get on. Except for those sabre cats who pop up right after the dragon fight. . . . .
Seems the biggest challenge would be to a player who wishes to play a bit more hardcoe and only heal in safe zones. Now you need a mod to stop the auto-regen.