I somehow totally missed this thread before making my own, but anyway, despite not liking Oblivion that much, I'm really pumped for this game because everything I've heard and read suggests that they're really making a bunch of improvements. The genericness was what killed Oblivion for me, but according to a podcast, they're going to a lot of effort to develop the setting and culture. No mention was made of NPCs, but I really hope after Fallout they've come to appreciate that their old dialogue system was retarded.
I really hope they bring flying back. I'm playing Morrowind for the first time now, and the levitation is sweet, except for the stupid animation and the occasional awkward getting stuck on the floor. The crazy jumping is awesome too. Man, I'd love to fly around some of those mountains they have in Skyrim.
But yeah, it seems like Skyrim has much more presence than the previous TES games, between increased focus on the setting and things like making magic more organic and flexible (now you can do lots of different things with, say, fire instead of just chucking a fireball).
I really hope this game is good. I am probably more excited than I should be considering the previous games, but everything I've heard sounds really promising.