In Oblivion you could alter ini options to improve performance on some systems by increasing the maximum and minimum threads being used. I'm not a programmer so I don't know what that means except in the most rudimentary sense, but do you think it's likely - now that we're in the age of quad (and more) core CPUs - that we'll see greater benefits in multi-core systems versus single-core systems? I would imagine that the new engine would have to be optimized for multithreading anyway, because of the the console versions of the game (albeit in different ways since the CPUs are different obviously, especially on PS3 with Cell.) So you do you think we'll reap the benefits?
Multiple threads let you do two or more things at the same time rather than scheduling them after another. On multi-core system it lets you use your whole processor's power and not just one of the cores (f.e. a sequential program only uses up one core on a dual-core system, i.e. only half your machine's capacity). The recent trend in increasing the number of cores is related to the fact that the technological limits for a single core have already been reached. Hence the only way to get more power is to use more of them, but then the need for multithreaded programming arises, and it's 10 times harder than traditional programming. Nevertheless, game developers have to go multithread if they don't wish their games to get stuck in "tech limbo". So yeah, it's pretty definitive that in time more games will let you utilize more threads, and Skyrim is a likely candidate, especially with the many middleware components (like Havoc Behaviour) that it uses.