Honestly, I really think they should just take Daggerfall, redo it with modern graphics, music, and oh, computers. Go from there. Make a new storyline (for which you'd need some amazing writers, unlike the guys in Oblivion, and to an extent MW), change locations, etc. Take all of the technical aspects of Daggerfall and put that with a new context.
If they would just redo and modernise Daggerfall, I'd buy it in a heart beat and play it in a lifetime. There's something about Daggerfall that svcks you in. Oblivion is the complete opposite. It's like a picture that you look at, whereas Daggerfall is a picture you can paint. Daggerfall takes more imagination than any of the others to play. Like that Vynik was saying in his hate Daggerfall thread. Most people would just go, "Aw, [censored]," at the bad luck he had, but instead he realised that it was all part of the game. If he hadn't roleplayed that bit, he would've just been pissed at the cards dealt to him and reloaded. Since taking Daggerfall up again, I've wanted so bad to play one of the newer TESs that are easy to play in the technical sense. The controls with Daggerfall are just so clunky, slow and frustrating, whereas the newer ones are functional at least. However, I know I will not be as happy playing Morrowind as I am playing Dagger. It's frustrating because playing Dagger is hard, but nothing else is playing after you've played Dagger.
So, Get some [censored] writers, who are insanely clever and smart, and then make it exactly like Daggerfall, in the technical sense. I would love to play a game buy somebody like Joss Whedon. Or better yet, Douglas Adams (if only he was alive). Adams' ability for the random would be perfect TES.
About the controls.. I don't know how long you've been playing so excuse me if I'm telling you stuff you already know! =)
However, you can completely remap the controls to make them pretty much identical to Morrowind/Oblivion. I suppose nothing will replace the menu casting system and things of that nature if that's the stuff that's bothering you. But if it's honestly just the controls, like the clunky keys and everything, you can make them identical to later games, mouse look and everything. (View mode in the options)
Anyway, for things that I want added to TES V from Daggerfall.. I really, really, really enjoy banks. I may be alone in that, but there was just something about coming back with a huge haul of stuff, selling it.. then walking to the bank and depositing it and seeing my bank account grow. Also, region specific banks and crimes should be back in my opinion. When I got chased out of Daggerfall, it was like starting over again. It was a great roleplay feeling. =)
Randomized quests and dungeons should definitely be brought back, although I don't really know how you can make randomized dungeons in a completely explorable world the size of Morrowind or Oblivion though. They'd all have to be at the same location, and couldn't be TOO plentiful. I suppose you could just have them generate on entering it for the first time, but if that grows stale with players... Hmm..
You could possibly have certain dungeons that were forts, hideouts, etcetera.. You could have them be almost "remodeled" after a certain in game time period. You wipe out the bandits of a certain dungeon, new bandits move in, they decide they need to use it for different purposes.. Say, instead of bandits, necromancers move in. So the dungeon generator can slap together some sort of Necromancer themed dungeon to signify them working on it and changing it after a period of time. I would definitely be interested in that. Maybe the longer you wait before going into that dungeon again, the larger it gets? The more modules are added on when you go into it the next time?
So, clear a cave of bandits, wait a month, come back, and you might have a small to medium cave housing a few necromancers. Come back in 5 months, and you'll have a sprawling dungeon, outfitted for more powerful Necromancers/Bandits/Vampires/etc. I don't know how feasible this is, however. I just imagine it like adding a new module every month or so. Create X number of modules (preferably thousands but I'm realistic =P) and randomly put them together when you enter. Is that how Daggerfall worked?
Anyway, that's my 2 cents.
OH PS: Character creation system from Daggerfall please. Advantages/disadvantages/etc. No leveling mobs/loot. And maybe the enchanting system where you can't repair enchanted equipment? Might make it easier to balance the game so people don't say it's too easy too quickly.