1:bad story telling. Unlikely problem.
2:Boring gameplay. Very unlikely.
3:my pc catching fire from the game's overwhelming awsomeness. 85% chance of happening.
I'm always surprised by how different the experience people have with certain games can be. I have played Daggerfall, Morrowind, and Oblivion...in all three I found the story telling poor and portions of gameplay (combat) largely boring. Of the recent games I've played the only ones with worse story telling than Oblivion were Mount&Blade (no story) and Mass Effect 2 (get teammate/upgrade teammate/repeat x8). Oblivion has very generic nobility and guild leaders that I couldn't remember the name oh just after replacing them. And combat is a repetitive click,click,click with little strategy than back up if they are causing the least big trouble.
That said, I've enjoyed all 3 games (Oblivion less, but I'm sure anyone reading this could guess that already). I buy and enjoy TES games b/c they give me a big world to play in. I gets different items, guilds, environments, etc... and I'm free to discover it as I please.
So, since I'm not a big fan of TES combat or story already, the bar is pretty low for Skyrim on that front. My deal breaker would be there:
1. Closing the world, so we have levels or significant portions of the map unaccessable to characters for whole portions of the game.
2. Removing the Construction Set (I can't imagine buying a TES game for a console...so many be decisions that you can never fix).
On the flip side, I'll add a "do this and I'll be a TES fan boy list":
1. Straight up rip off Mount and Blade: Warband. Take their combat and use it in TES. It is so much deeper and more fun. Even make it optional, where people can choose Oblivion style or M&B style, I've no doubt what 90% of players will choose. (this will easily make the biggest difference for me in TES as I'm generally a warrior and spend tons of time hacking away)
2. Get rid of the terrible level scaling. Give baddies in certain areas a min/max level and leave it at that. Starter areas/major travel areas enemies lvl. 1-12. Other areas might be 5-20 or 10-25. Even city guard should be capped, with a higher cap at the capitals but still below a late game player. Certain areas of obvious danger should have the enemies start at level 20, so a character going there gets smacked down if they don't level first. These would be areas that people say they don't go because it's to dangerous and people never return. Thus PC is warned. Also certain elite gear should be stored here, thus making it tempting to try going in a bit early, but rewarding the bold with elite items. Also road bandits should never have a set of gear over generic iron/steel, maybe better boots or a helmet but not a set.
3. Fix the AI. No omnicient guards, no bandits in rags threatening the leader of the fighters guild. No vendors knowing things are stolen without some reason to know (like it's their item or it's a unique item that vendor 'x' reported stolen). And numerous other quirks.
4. Make unique models for unique characters. If there is a arena champion that's held the title for 10 years, make his character model unique. Have him be taller, with bigger muscles, and more scars than any other human in the game. Have some mages look twisted by their craft, especially necromancers. Make some war veterans with severed hands, arms, or legs (use crutches or a wooden leg). TES characters as generally all so homogeneous it's boring.
I could name more, but if Oblivion were the starting point and these changes made, plus the graphical overhaul we've seen. I'll be a fan boy for them.