I.... don't know.
The lack of variety in weapons and armor was and is an oft-repeated criticism of Oblivion, and one can only hope that it didn't fall on deaf ears. My view on it (which I've expressed here before, so proactive apologies to those who have waded through it before) is that they not only need to add more straightforward variety - simply more choices - but they need to make the differences between the materials and the items more subtle. Beyond the simple lack of choices in Oblivion, the thing I dislike is that each material is exactly this much stronger, this much heavier and this much more durable than the previous one. It's just too rigid a progression. I want to see more things like there were in Morrowind, where, for instance, glass did nice damage and was actually quite a bit lighter than similar materials, but the trade-off was that it was quite a bit less durable and couldn't hold anything close to as powerful an enchantment. That made the choice of materials more complex and thus, to me at least, more satisfying. Instead of just moving up a ladder, I had to weigh costs and benefits and decide what was best for a particular character.
We can only hope.....
Indeed. That Linear Progression in Oblivion was really a kick in the gonads.
I'm hoping a lot of the lessons from Fallout 3 stick. While there was very much a fairly rigid progression, it wasn't always as clear-cut. For Example, the Chinese Assault Rifle, while it boasted higher DPS, had higher spread than the R99. Going a step further, in Fallout: New Vegas, there was so many layers to the weapons (not so much the armor) you could even find a suitable role late-game for a moded 9mm pistol. I hope Bethesda Game Studios can draw some inspiration on diversifying weapons from New Vegas. That Obsidian managed to pull off such "RPG" elements as DPS-Armor-CriticalRate in a manner that actually came complimentary with it's overall "FPS" Feel, is a triumph only overshadowed by the failure to properly debug the game.