I can't say I completely agree with Yahtzee on this little venture into Western RPG-Land, but he does bit the few points I noticed, too.
I'll grant that many of the characters are shallow and unimaginative, and the land itself lacks the detail of, say, Morrowind or WoW, but for those failings, it does have a few rather nice points too:
The combat is vastly improved (although bow combat tends to veer into unrealistic pincushion-fests), with blocking and attacking now taking on a modicom of strategy.
The quests are entertaining, at least the first few times over, and aren't always the boring old 'go there and kill stuff' variety. However, after that, they lose their appeal, and after a while, you end up scouring the UESP Wiki, desperately trying to find something new and shiny to do.
I think the main problem, however, is that on the 360, I couldn't help but feel like I was getting the shitty end of the stick. PC users can usually rely on a solid modding community to fill in the gaps by the developers, but when you're on a console, you have none of that - and as such, we can only look on and weep as the PC Master Race enjoy their various nude-mods and shiny new quests as we try and content ourselves for the eleventh goddamn time with cabbage golf.