I almost never used Hot-keys on the console,. because of my horrible Oblivion experience.
Oblivion's console hot-keys were almost mandatory, and almost unusable.
It was way too much of a pain to go to your your pip-boy every time you wanted to switch weapons, more of an immersion breaker that most other things. Hotkeys were a must even if they sometimes took a little long to switch, it added to the realism because in a real fight you can't say "Hold on, let me get my shotgun out before you start punching me in the face..Ahhhh, thats better ' BOOM, BOOM...SPLAT' "