I think there should be banks with vaults. each city would have it's own bank and it's own treasure. some cities' vaults should be really hard to break into without being seen, with traps around every corner, and a 24 hour watch.
Like that idea. That is similar to Morrowinds setup, there were separate vaults in separate parts of Vivec. I agree they should be hard to break into, and the loot inside should be level based. So even if you find a way to cheat your way in there at level 1, you wont get nearly as much valuable plunder as level 50. This way, it would kind of be a reward, if you waited until level 50 to enter the vault, because it would then contain the best loot possible...
Just a thought.
Edit-
Vaults and value items was missing in OB. Hope they are in skyrim make thieving worth while. I also found them 30+ hours into the game. So many hidden goodies in morrowind.
I liked the Ordinators there armour was sick.
Amen to that. All of that. There did seem to be a LOT of hidden goodies in Morrowind. I agree with level scaling and applying this to weapons, but I also wish there were still some bad ass weapons, right at the beginning of the game. They could be in random, hidden places that will be hard to get to, or just places you wouldnt expect a wonder weapon. Same with armor and similar items. Alkavari Dai-Katana....anybody remember finding this puppy at the plantation in MW??
I want most weapons to be tailored to your level, but it would be nice to see some unique, well hidden items that are available immediately, albeit hard to obtain.