Wow, this thread is unexpected. I thought everyone would come here saying Oblivion was way too easy and demanding the hardest game ever or the equivalent of Arena's first dungeon for 300 hours straight.
In one of the first interviews about Skyrim, they mentioned combat has an overhaul and it is much more lethal. Combat is supposed to be harder but shorter. You can see how poorly the players in the demo were doing at combat, as they were getting hit left and right for leaving themselves open and fighting carelessly (though they had health buffs for the sake of showing off the demo.)
That said, I apparently didn't experience the same problem as some of you. I never felt like it took forever to kill enemies in Oblivion. As a matter of fact, if you enchanted your weapon AND poisoned it with something appropriate, it's way too easy to kill things in just a hit or two. I've since stopped doing those things in an attempt to make the game a little harder and the fights last longer.
Yeah I long for the day in the videogame world when HP bars are done away with, and instead damage is determined by the lethality of the hit. Location, bleeding ect. I doubt it will be easier, but I hope the repetitious swordspamming will be replaced by tactile movement and realistic fighting.
What's this?! Removing an arbitrary gameplay element in favor of something more realistic?! How could you! I don't feel alive if the game doesn't tell me how many hitpoints I have!