Mine:
More of a focus on 3rd person. At least have it playable like it is in New Vegas. First person melee combat is just awful.
A faction system. I was thinking of something like this actually long before New Vegas Nowas announced. It just feels weird that your character can be part of the Dark Brotherhood and the Fighter's Guild and there's no problem. Have the factions interact with and oppose each other on occasion. The isolated feeling just kills it for me.
No copy and pasted caves and ruins. I hated going into any ruin or cave, because they are just slightly different versions of one another over and over.
No "enemies level with you" system. It makes leveling feel so useless. Let there be areas with elite enemies and areas with grunts.
Give combat more "weight" and threat. You get hit with a sword or shot with an arrow, you're not going to keep trucking forward. You're gonna stagger or maybe even fall. Combat in Oblivion looks silly, with players just slashing endlessly or shooting arrow after arrow that have little effect (except for random winces from foes). Make this true for the player and for enemies. Give that shield some real use. I should feel absolutely sure I'm ready for a fight, and not just running in with no feeling of threat. And bows shoot arrows, not toothpicks. Up the damage some.
A more informative map. When I scroll over the city in the map, show me if I have a safehouse there, what shops the town has, and what factions are there (or at least the ones I've discovered).
More sorting options in menus. This applies especially for quests and spells. Have quests sortable by faction. Even better for spells would be an option to let us dump spells that are now useless (that healing spell I started off the game with isn't doing me much help except adding to the clutter).
Please, please, please change how conversation is done. I hate the zoom in on the face thing Bethesda seems to be in love with. It is dull and awkward. Let's have characters walk and talk. Or do anything and talk. Every time you talk to someone in Oblivion, it's as if the person you initiate conversation with says "OK, I'm going to really have to stop what I'm doing and concentrate hard so I can tell you where the Inn is"
Horse combat! Just for fun. I want a jousting minigame.
Judgement101 said:
How about NO FAST TRAVELING!
You could just not use it and pretend it's not even an option.