Hmm...
One of the reasons I would enjoy more graphic violence is to occasionally feel bad, sickened, shocked after killing someone. I want games to play on more emotional strings than just 'fight, win, yay, fight, win, hooray'.
The combination of realistic gore, and other ways to get around combat situations (speechcraft, sneak, whatever), would really emphasize the fact that physical violence is, well, violent. (On a vaguely similar vein, I often wish that the mainstream news coverage of various wars was less sanitized, simply so that people could see what they were voting for).
The ES games have always been very, very violent. The traditional way to get ahead is to constantly pick a fight with people, expecting to win, and to loot their dead corpses. You level by deliberately seeking a cave full of people who will attack you, taking advantage of their suicidal aggressiveness.
Violence is in the action itself. The graphical portrayal of violence is a different issue, and IMHO only weakly related to morality. (I love bad 80s horror, don't feel that says anything about my morality at all).
I'm not demanding anything and hope that Bethesda just make whatever game they want to make... but I believe that more visual gore will in some small way give each combat more weight, and perhaps even emphasize morality.
Oblivion had moral implications that, if taken to extremes, were downright frightening: let's split the world up into good guys and bad guys, and what you should do, right, is kill all the bad guys. You don't have to ever really see them in pain... they'll just fall over and you can take their l33t equipment.
Sorry for wall of text only vaguely related to Skyrim