I don't think choice and consequence was ever a huge part of the Elder Scrolls series, but I still do agree that was perhaps my one let down with this game. Then again it isn't something I was really anticipating. So yeah, as long as they can still differentiate between the two games in how they play and are constructed I will continue to enjoy Skyrim and eagerly anticipate the next Fallout.
Did you play Morrowind or Daggerfall by any chance? Keep in mind all the following is my own opinion. There are just quite a few people that share it.
You had choice AND consequence in both. You even got to be locked out of quests if you chose to go another path. Skyrim is a step backwards in that regard for sure. Great Houses? Fighters or Thieves Guild? Kill Vivec or don't? Choose who gets advantaged on a cold wintry island infested with werewolves? Choosing who gets to use a colossal brass god made by a race of atheistic mad scientists that caused their entire race to disappear?
Of course it has made many steps forward but that is no excuse for tossing good things out when you already had a fairly successful formula. Out with the old in with the new does not mean throw the good crap out.

They should have built on that instead of throwing it out. Take all the good from previous games and add onto them or modify them to become better. In addition to the new stuff you are planning to add. Like horrible journals and quest mechanics.

Not to mention faction questlines that feel rushed and incomplete.
I doubt anyone would like Morrowinds journal as it was in Vanilla as an optimal journal but neither would people want Skyrim's Journal if they had a perfect blend of the two. Information + organization = great journal. Morrowind= information + disorganization. Skyrim=organization + lack of information. What would the next logical step be? Keep the quest markers if you want but do not take out half the fun out of the quests for me. I like Journal updates. I like to read them. Gives me more information about the quests I am doing. Radiant AI quest can stay the same as they are an overly simplistic way of indefinitely extending the amount of quests you can do. I would take a simply long, memorable and finish-able product over Radiant Quests with infinite amounts of questing any day.