Levitation causes more problems than it's worth really, and technically limits the developer from implementing things.
See that cool light shaft in the caves, coming from the openings from the top of the dungeon? Let's fly up! Oh, wait, we cannot past trough them...
So what do you think about Invisible borders in Oblivion?
I see thats cool place, lets go there wait but there is invisible wall thats told you cannot move there.
Let's fly over the city, trough the city wall! What's this? Invisible wall? No actual city inside?
Strange but I can do thats before in Daggerfall and Morrowind,
OK from other side thats cool thing dragons pursuit you just go into city, because mystical dragons cannot fly over walls.
Let's fly up and look down on the world below? What, why does the world look like a jigsaw puzzle suddenly?
Maybe low draw distance at console, few tweaks in your ini and few mods for better LODs and you can feel wind of high skies, true Kynareth blessing.
... when implemented correctly.
Well what stops from implement them correctly?
It doesn't matter if we have crosbows or not if they do exactly the same as bows...
In such cases It doesn't matter if we have claymores or not if they do exactly the same as warhammers...
Spellmaking as high level perk will awesome option to complete removal of such feature.
Think about Epic spells from D&D.