In order to appease both those who desire a return to Text Driven Dialogue and Voice Acted Dialogue...could not a compromise be reached? Where as the majority of dialogue in narrated while offering up background info and more detailed information in a text based format. Such as NPC X tells you upon Character Creation: "Welcome to So-and-So, take this blah-dee-blah and go to whats-her-face for fun-and-profit". You then have the option to dig deeper into your surroundings, so you ask NPC about so-and-so, and get a VA response. Ask about whats-her-face and get a VA response. Ask about fun-and-profit, and get a text response.
While I agree with most of your post, my personal beef with voice acting, is that it takes up a massive amount of disc space. This space could be used for more items, better atmosphere, more weather conditions, more variety in gear, more creatures, more advanced cities, different ruin types, more quests, advanced landmasses, occasional epic monsters... you get my point?
Not only disc space, though.. It costs Bethesda a lot of time and money, this can take away from concept artists, who create unique creatures and architecture, quests writers, hiring voice actors for random greetings like Morrowind.
I wouldn't mind voice acting if it didn't do this, although I'd want the ability to have to press a button to continue speech. It can be annoying when something happens and I miss half of what someone says.
Oh, and my biggest suggestion is:
http://www.youtube.com/watch?v=zL8pyOP0VQI&feature=channel
Don't lie to your fans, and say that you have proper Dumner voice actors, you have good AI like this, and you have the ability to have a good looking world without user made mods that take forever to create, and that NPC's atually have proper conversations with eachother, where they use eachother's names.