1. Do all of Tamriel in TES V (with years between releases of new games , and games (currently) being one province per game, fans may have to wait decades to see all of Tamriel, and such a wait is unnecessary). While this would likely require disk swapping to do justice to the scale, fans would be unlikely to object.
2. Instead of one size fits all beginning, have the player start the game in their home province. They would then start with the portion of the “Fate of the Empire” (see 3 below) which pertains to the specific province.
3. As the “Fate of the Empire” was mentioned in the final cut scene in Oblivion, it would be the appropriate theme (Main Quest) for TES V which should be a true sequel (note that this would tie in with 1 & 2 above). Developers could even use the map of Cyrodill from Oblivion in TES V and just add the appropriate updates (no more fires burning at closed Oblivion gates, Kvatch rebuilt?, Cropsford might be a full fledged city, etc.) A voice over cut scene from the Champion of Cyrodill writing the next Elder Scroll could be part of a bridge from the end of Oblivion.
4. Allow the player the option of being the descendant of the Champion of Cyrodill. They would have to be the same race and would inherit the houses and other material property of the Champion. This could also affect how NPCs react to the player. (Note: This would also affect which voice actor is used in the cut scene mentioned above.) (Note: This would work by loading an Oblivion save game at character creation time.)
5. Follower’s inventory (and skill levels ) should be either directly accessable or the player should have the option to give items to a follower (and teach spells and skills). As followers like the player less when they get hit, they can be made to like them better if the player heals them or otherwise is nice to them.
There can be different levels of followers. (Followers that can be had by becoming the head of a guild and hirelings as well as the quest specific ones).
Hirelings may start as standard re-spawnables (that stay for a specific time frame) with the option of buying them up to essential and permanent companions. (Note: Permanent companions would always ignore friendly hits. Their loyalty would be absolutely assured, but the upgrade should cost a substantial amount (given Oblivion scales say 5000 gold). Permanent companions could have two possible ranks: mercenary companion(they work for the player and are loyal, but are regarded as underlings) and friend companion (they also work for the player and are loyal but are regarded more or less as equals.) They might also have a disposition requirement. (The player would have final decision as to which category a given companion falls into. There could be a screen for managing companions which allows the player to specify.) Friend companions would have more interaction options.
6. Display items should be easy to use. (Shelves and wine racks could act like containers which display their contents. Putting multiple books on a shelf should not be a hassle for the player.)
On the subject of decorating, in addition to standard packages for a given house, shopkeepers could also sell things like (individually placable) candlesticks and stands (for Welkynd and Varla Stones), etc. So the player can make their houses unique.
7. In houses with multiple beds, the player should have the option of allowing (inviting) a companion to use extra bedding.
8. Spells: The ability to make genuinely unique spells (not just recombining existing effects) . Skill level in the appropriate spell college should determine how powerful it can be. (For example: At master of Restoration, the player could be able to make a resurrect spell.)
More variety: Add spells which might be used by someone who is not an adventurer. (Eg: A spell which causes a mess to get cleaned up. Or a spell which creates a banquet . These spells might only be available in High Rock and/or Sommerset Isle.) There could also be spells for adventurers such as bound repair hammer which summons a repair hammer to repair items. A repair spell could also be done that would repair one item per cast.) How about a flying spell?
This can also apply to enchanting. With a flying spell, one could enchant a flying carpet.
9. Guild leaders should have real leadership authority. Example: At the end of the Fighter’s Guild in Oblivion, Vilena Donton suggests that the player make Modryn Oreyn as second in command, but the player is the Master of the Guild and should have the authority to promote or demote as they see fit. Guild leader quest lines could also be added to steer the guild in a given direction (the player may have one of two or more options to pursue when becoming head of a guild.)
10. On money: Have banks where the player can keep their gold (and earn interest) and pay for everything with a debit card.
11. Add a mountain climbing skill. In Oblivion one can get close to “finding a location” on a mountain or other high area running but come up short (Eg. Lipsand Tarn) and have to use a roundabout approach to get footholds to reach the point of “location found.” This skill would mean that the more the player travels on land that goes uphill, the better they would get at it and footholds would be easier. At master, the player could walk (or run) up a vertical incline. This might replace the current "athletics" skill.