Uh, no? Unless the healing rate is seriously like 1hp a game hour.
Neither Skyrim, nor any other TES game was an FPS, and hell, this feature doesn't even belong in FPS. The only kind of game where health-regeneration makes sense is in Cover-based shooters.
It's bad enough having your HP heal from waiting. In Oblivion, healing was just a matter of getting 3ft away from an enemy and waiting for 1 hour. Didn't matter if you were missing 2 or 502hp, it'd heal you right quick! Virtually pissing on the Restoration and Alchemy skill, for anything other than creating poison or repairing damaged attributes.
More so in Skyrim, than any other entry, do I believe healing has to be very carefully balanced to maintain the sense of brutal ruggedness and urgency of the world. A dragon is a lot less scary when you can just ride into battle with 150 potions and punch it to death (Bioshock Big Daddy fights come to mind). Personally, my favorite part of Fallout: New Vegas's hardcoe mode, was how you could no longer spam stimpacks to instant health, making you really think about fights and what you bring into them. It was still possible to get hyper-regeneration if you were prepared (Lots of food, a few super stims too, ect) but it was much, much harder to stimpack abuse in that game, which is one of the reasons why I love it so much.