Ranged combat seems fine to me in Bethesda games. In Fallout 3, the level of inaccuracy made sense, since your shot placement was determined partly by your aim and partly by your character's skill and the weapon's condition. It was a good way to mix player skill and the RPG elements. I think a few members of the serious FPS crowd were probably disappointed that it didn't rely solely on the player's aim, but I don't think they really get RPGs anyway.
Using a bow in Oblivion was great - it felt like the bow was flinging arrows with quite some force, and the ragdoll physics meant a kill with the bow felt solid, like it had a serious impact. And the arrows remaining stuck in your target until you retrieved the few that didn't break was a very nice touch.
Melee, however, is generally pretty sucky. Bethesda just don't seem to have figured out a way for melee to feel right - it feels as if you're just waving a sword-shaped piece of cardboard in the air. Even when you hit your target it feels like you're just waving it around in the air. After watching the Skyrim gameplay video it looks like Bethesda still haven't worked out that one. It's one of the main reasons I never play a melee class in Bethesda games. Maybe they should've borrowed from The Witcher 2. Swordplay in that, while hard, felt visceral and was a big improvement on most melee combat I've seen in games over the years.