I'm a svcker for the semi-RP style of playing, too. I have no qualms about taking quests, but I never feel in any hurry to finish them. XD Sort of reminds me of something a friend of mine in a game group said about dragons... If you can get one to agree to do you a favor, he'll be helping your grandchildren.
I do the armor thing, too. Early on in the game I "upgraded" whenever I could, but as soon as I wandered into the Shivering Isles and bought Shireil her Light Blue Regalia, I was set on it forever. I only changed it out for her sneakysuit of Chameleon to use in combat or risky exploration. <3 I don't even do anything the character wouldn't, haha. >_>;; I will not be doing Dark Brotherhood as this character.
I love exploring Cyrodiil, too... It still feels like a huge world to me. I fast-travel if I'm not in the mood to go trudging, but I have the most terrible case of wanderlust. I haven't played Morrowind yet, and I do want to, especially if the wanderlust has that much more of an outlet.