The three bars along the bottom of the screen are hideous! They should have been stacked up like in Oblivion, as this keeps the HUD nice and compact. I strongly disagree with Bethesda's decision to spread the HUD all around the screen. The compass along the top of the screen is ok, but I prefer everything on the bottom-left of the screen. That keeps all the important info in one place.

Another note: The font sizes could also use a dramatic size reduction.