I'd like to see, instead of no dynamic conversations, an attempt to create a fun way to deal with speechcraft and random NPC's. Make a puzzle out of it. First, what do you want to do?
Get an npc not to report a crime you committed. Rob an npc. Get an npc to follow you. Get an npc to fight on your side.
Like I said, make it a puzzle. Let's say you can "Boast, Intimidate, Bribe, Charm." them. We know your stats, the npc's stats, and what you're trying to get them to do. Let's say you're trying to boast to get an npc to follow you. This could take into account: How much they like you, speechcraft, fame, and how impressive you look (Daedric armor is far more impressive than a half health leather). Or let's say you want to bribe someone into not reporting you breaking in. Speechcraft (or mercantile?), liking you, how much money you offer, how much money they have, are you breaking into their house or someone elses? and how high their "responsibility" stat is.
To make it a puzzle you could have a stack of responses recorded + npc facial expressions. If your not offering enough of a bribe the npc might give and indirect hint about that, if they're too "responsible" to take a bribe they might say something different (or just run off to the guards). Try to much and fail, and they'll report you to the guards for bothering them or just attack you (also slowly grow to hate you.) Oblivion's "Game" wasn't a terrible idea, just a terrible implementation. L.A. Noire and Deus Ex 3 are trying to make conversations a fun part of gameplay, surely The Elderscrolls can.
Just a few other things
Throw stuff at your enemies, and do damage. I want to pick up a chair and fling it at a dragon! Why only have one companion when you can have two? (Depending on speecraft or whatever). Will my companions fight to death, or flee like cowards? (Depending on, whatever.) Will npc's react to what I'm wearing? Be impressed by a full daedric armor set, horrified at my nvde character, laugh at my broken leather armor?