I don't care about this hardcoe mode people keep talking about. I play games to escape real life, that's part of the reason I play TES. Too much realism is a very bad thing.
There are some parallels in a few Oblivion mods that provide these kinds of functions, as well as the popular "hardcoe mode" feature in New Vegas.
I don't know exactly why these features were so well-received. Certainly for those who liked it, there were others who hated it.
In my case, they don't feel particularly "realistic," they just make the game more fun. I suppose I liked these features simply because they made finding, say a bag of dandy snacks or a salisbury steak a lot more interesting, a reason to be excited about finding an inn after wandering around in the wilderness for a while, etc.
Otherwise, the food and drink were kind of worthless junk.
Also made combat a bit more challenging because I was usually suffering from some kind of starvation or dehydration penalties.
In any case, after reading the playstation article, it seems less likely that this will be included in the vanilla version of Skyrim.