While waiting to be pelted with rotten Kwama eggs, I say Oblivion did this very good.
Oblivion's combat was good for an "action/adventure" game, but sadly inadequate for a stat-based RPG. If it had taken the character's weapon skills into account in some way, such as determining what the opponent did, or in the animations, attack speed, and aim point of your own weapon, then it might have been "the best of both worlds". Since it merely nerfed damage based on skill, it poorly portrayed (or failed to portray at all) the difference between an unskilled and a highly skilled fighter.
Morrowind's combat was terrible for an "action" game, but served its purpose to "resolve combat" in a character-based RPG fairly well. It should have taken the defender's combat skills into account as well (the difference between your skill and theirs), since most of the reason for "missing" in real combat is that you're too occupied with defending yourself to attack properly, and the failure to use the 3 different forms of attack in unique ways as Daggerfall did was a step backwards. Since OB was less of a character-based RPG, and Skyrim definitely isn't one, the MW-style combat system as it was is no longer acceptable in the newer games.
I'll save the Kwama eggs for somebody who makes some actually "inflammatory" remark, rather than from one who approaches the game from a different perspective. Besides, they need a few more years to rot fully, and reach "maximum stench", before I toss them at someone.