I don't know what to think of this. On the one hand, we cannot allow a health regeneration system anywhere remotely similar to what we see in today's shooter genre. On the other hand, there will be points where we do not have access to food, potions, healing spells or beds to recover and severely injured - so then PERHAPS we could have a system of slow, slight regeneration to a certain point. But I don't know... it seems too difficult to manage in a game like this.
If we don't have access to these things... we didn't prepare for the quest adequately, and should die. The challenge in Skyrim should not just be about the combat, it should also be about sizing up the terrain and the situation, and figuring out what you need to bring along with you. It's not just a fighting game where you want to heal as fast as possible to get on to the next obstacle.
Basically, I don't want auto health regeneration, I don't want healing when waiting, and I don't want 1-hour sleep to heal. I would prefer if Restoration, alchemy and perhaps some kind of doctor skill were important. I think crippling, Fallout New Vegas style, would be a good addition.