Well, I would like to see them return.
Why?
For starters, I find Security skill in Oblivion useless.
I could unlock doors with Alteration, do it way faster and also do many more stuff with it.
With return of traps on locks, Security will become much more useful skill and will actually have it's place in the game.
Also, traps don't have to look exactly like they did in Morrowind.
For example, instead of just you getting a negative effect when trying to open a lock with trap on it, poisonous gas can leak from it and poison you instead of just negative effect getting applied to you.
In case of doors, some spikes can impale you from the ground in case you try to force open trapped doors.
Traps are not limited only to those two of course.
Only characters who are actually experienced in Security can actually notice that there is a trap there (could become a perk).
Your thoughts?