Woo, played it for a couple hours,
. It's winning. The voice acting has - imho - improved over the last one, with more intonation and the like. The graphics are better and prettier than Oblivion (it's just the color scheme that's a lot more drab), and the music is omg winning. The gameplay's awesome too - combining spells and weapons and the like is cool. Spells are much more playable too - just press and hold for great justice instead of re-casting a, for example, healing spell for tens of thousands of times.
They got rid of classes. Instead, you just get points for whatever you actually do, which gives the player a lot more freedom - I was a bit worried if I had to choose between magic, warrior and thief again, but you don't actually have to choose this time.
The downsides, then. The graphics are a bit drab, textures and the like. But I can live with that. The animations, especially during conversations, are rather stiff and occasionally jerky.
But other than that, I'm loving it so far. But then, I'm biased so there
.
(Oh also, it's gratifying when the game says "Video settings have been set for Ultra High Quality" when you start it for the first time
).