yeah i was always disappointed by oblivion, which is why i cant play it without the OOO conversion anymore.
im praying for an expanded arsenal, i would love to see chitin regular leather armor, studded leather armor, multiple different types of steel etc.
i was baffled at how ugly light armor looked in oblivion as well, it didnt even look light, and alot of the times, it as larger and covered more real estate than most heavy armors, it just looked bulky and not even remotely worthy of being considered "light"
i did love though, that in morrowind, you could cover up your armor with robes.
Ah yes, i played as a Master Thief in Morrowind, so i always enjoyed the appearance of a wealthy man with my robes over my shining exquisite magical armour.
And i completely agree with what you said on Oblivions light armour, and while i did very much enjoy Mithril Armour, which was impressive in look, it gives me the
feeling that im wearing Medium Armor than Light Armour.
The Elven Armour in itself was quite dissapointing as well, it looked ugly and bulky as any other.
I do very much hope that they allow some freedom in feeling with the armours in Skyrim for Light-Wearers
Oblivion didnt even have SPEARS as a weapon, which i thought was ridiculous.