I'm one of the people who love getting god-like towards the end of an RPG.
After playing a game for 50 hours or more the last thing I want to do is fight another Goblin Warlord for 5 minutes - or worse, go to a Goblin cave where there is nothing but Goblin Shamans and Warlords which require 20-30 hits with my daedric longsword and 100 blades skill to kill.
At that point I just want to explore. If an enemy is stupid enough to get in the way of my Level 40 character, they deserve to die like the insignificant whelps they are. The should NOT pose a challenge when I'm maximum level. They should kick my [censored] when I'm level 5 though.
And unique hand-placed location-appropriate loot is important too.
If I play a thief, and sneak into a wealthy noble's house at level 2, I expect to find diamonds, 300 gold and a powerful short sword - not a carrot, 2 gold, apprentice lockpick and iron dagger.