The problem with WoW's "save system" is that it isn't the same thing as a single-player's save game function. While it DOES save everything about your character and your position in the world and such (it is always doing this so you don't lose progress if you get disconnected or something), you can't save multiple instances of a given... well, playthrough isn't really accurate, in WoW, but let's use the term anyway. It's just an automatic, constant record of what your character has done, what they've obtained and stuff.
That is of course because it's an online game, which is why the system would NOT work for the Elder Scrolls. In that case, saving is not done like in the Elder Scrolls, rather, the server just keeps a record of your character, and you can only have one "save" for each character, and that's acceptable for MMOs but I hate it when single-player games try to use that kind of save system.
But I've had problems with overwriting saves before, mostly when playing Fallout 3 on a computer I had to share with others as there was a risk of overwriting their saves, it isn't usually a problem with my own characters as I generally only play one character at any given time in a game and only start a new one if I intend to stop playing the old one. But really, it would help a lot if they just brought back save naming. That way, you can name youe saves something that helps you tell them apart better. But I guess we don't have it due to Bethesda choosing to focus on consoles, because it's convenient to type a name on a computer, but on a console, I suppose you'd want to have to name things as little as possible.