Actually, sod it, I'm wound up now so I have to expand!! I'll copy and paste from 2 posts I made on the official forums.
I want:
1) More items, especially candles and lamps to decorate my house.
2) Some way to place items where I want them without worrying that the Havok physics engine is going to fling them all over the place if I look at them funny.
3) Skills. Longblade, shortblade, axe, spear etc etc etc... I hate the dumbing down of Oblivion, it spread to every aspect of the game and should have been sub-titled 'My First RPG'
4) All houses should be available to live in, without worrying about re-spawning crates etc... It's one of the things that made Morrowind brilliant, the ability to choose your own house.
5) New artifacts and special weapons, not just rip-offs from Morrowind. Oblivion stole, amongst other things, Azuras Star, Necromancers Amulet, Umbra......and on and on and on...
6) More spells. Again Oblivion failed on a massive scale. We want the fun spells, Jump, slowfall, levitate, mark, recall etc etc
7) The ability to wear clothes under armour and robes over the top, or just mix and match. Another of Oblivions fail points.
8) More unique dungeons and caves. So many of Oblivions caves were copy and paste jobs, crates were always found on the raised bits in the corners surrounded by stalagtites and stalagmites.
9) No more scaled levelling. To make it so you can take over the world as a level 1 character renders the entire levelling system null and void, meaning the game isn't full RPG. Remember in Morrowind when you accidentally made it to red mountain as a level 5 character and suddenly got worried for your safety?!
10) More easter eggs, things like Indiana Jones's note, the mudcrab merchant, the message in a bottle.............fishy sticks!! Things that make you want to go out and explore. Oblivion never offered much in the way of special items, and when it awarded them to you, it quite often wanted you to give them away to complete quests (garridans tears, artifacts etc..)
11) Armour - By the time you reach level 20+ in Oblivion, pretty much every bandit is wearing full elven, glass, and laughably, Daedric armour. What makes certain armours special is their exclusivity, I don't want 50 sets of Daedric in my storage chests!!
12) Draw distance - Yes Oblivion had good draw distance, but it didn't half make the world look small. If you're going to give a good draw distance, at least make places look far away.
13) Voice acting - Four words "Thank you kind sir" !! The voice acting was an epic fail. Martin was about as exciting as a coma and the rest of the population comprised of probably less than 15 different voices. The one ray of light was Sheogorath...............although I'm pretty certain the Sheogorath that speaks to you on the shrine quest is not the fake Scottish accented Sheogorath in SI!
14) AI - Just one example of laziness is the infinite arrows trick. Stand out the back of the Chorrol fighters guild when the Orc is doing his archery practice. Just keep taking his arrows off the target.............he'll never ask for them back!
15) Oblivion - If you can be bothered, try doing all the Oblivion gates, you'll soon realise that there are probably less than 10 individual 'Oblivions'. They repeated so often that I could guid a friend around them over voice chat!! This complaint could probably be lumped in with the repeating caves complaint I have.
16) Too much forest - the landscape had no variety, it was either mountains (with snow sometimes) or forests. Morrowind had Azuras Coast, The Ashlands, Mournhold, Solstheim (North and south), The Bitter Coast etc etc....
There's more, but I think Bethesda should know all this. Bethesda have seen what I did to my Morrowind save on the XBox, I had some contact via e-mail. They stopped talking to me when I told them Oblivion was a fail!!