I'm looking forward to the environment. Soaking it all up, site seeing, etc. And of course combat, magic, marriage, hiring mercs, playing drinking games and punching out loud mouths in the bar. Crafting sounds good, but I hope it's more practical than Fallout's. It seemed like the items you needed to make things were so obscure it never happened. By the time I found the needed things, I could buy something 10x better. Maybe it's just me, but in Oblivion I could memorize all the ingredients so much easier than in Fallout. Maybe its because I spent 1000's of hours playing.
Role playing seems a lot more supported this time around too. I mean living off the land by fishing, hunting, crafting will allow me to be a hermit if I feel like it. And then going to a pub to get wasted after I cash in my treasures seems to be something that could be fun too. Put on the amulet and flirt with a gal. Hire a merc to help me defeat a difficult foe or dragon someday when I think I'm almost ready and those mercs will give me the edge to win. Find a dog and make him my pet. Coming home to a wife and pet just sounds awesome. And then to be able to mod it all out and put my personal touches on it for the ultimate personal experience all seems too good to be true really. I'm so excited to toss away 2-3 years into this game, lol. But it's not a waste if your having a blast, is it?