I too liked the wheel, it made much more sense than the randomness of the way Morrowind handled it. I was a ok minigame.
Huh?
Pardon me, but if you want to persuade somebody for some information, will you do the followings in this order?
1) Make a joke about blondes
2) Threaten to strangle him
3) Boast about your job promotion
4) Compliment him on his nice clothing.
Oblivion's speechcraft mini-game didn't make much sense. And since there was very few occasions to use it, it was not very practical either. I, too, hope for a return of answers inside the dialogue itself that allow you to properly use your speechcraft skill.
And, I would prefer much more a dialogue-tree like the rest of the RPGs to the topic system that's been in the series since the beginning. Or, at least, like in Daggerfall, selecting a topic generates the answer your character gives.