Well, I didn't expect such uniform opposition. I definitely agree that technical/resource considerations may nix the idea, and I sympathize with the notion that giving extensive voicing to the player would limit the imaginative input from the player. However, I think you could still give the player more input with voice acting by hyaving the player choosing the timbre/character of the voice initially, and also how the voice sounds from the chosen conversation/response.
I for one didn't mean to be overly negative, but a voiced PC is more of a statement, than a game feature like any other - it's the developer telling us, "this is what your character sounds like." This in a game where, without even using the available customisation options -- let alone modding -- we're given 20 initial choices in what we are and how we look as a result. Even if the time, budget, and technology was in place to allow the PC's voice to be as customisable as his or her appearance (VoiceGen, eh?), it's highly debatable whether the protagonist of an Elder Scrolls game should be saying much anyway.
Players' preferences for different voice acting are very subjective. Look at
Dragon Age 2, for example - I'm sure some people love the PC's voice(s), but I absolutely hate them to the point that -- even if many other factors hadn't turned me off completely -- I wouldn't be able to play the game.
Dragon shouts I can deal with, for a couple of reasons: they are more of a sound effect than a voiced line (dragon language, three words at most); and they can surely be replaced or silenced with minimal effort, and minimal impact on other aspects of the game (for us PC users, at least).