If it's the same engine with the same lazy design decisions like Oblivion, I'll end up hating it as well. I seriously can't believe that the same people who made Morrowind did Oblivion.
I want mounted combat so horses are at least SOMEWHAT useful. I want animation that doesn't look worse than some PS1 launch titles. And I don't want stupid lazy level scaling and all caves and ruins coming in one of four layouts unless they are tied to a major quest.
Oblivion was so fucking lazy. I can't believe it sold as much as it did (I could say the same for Fallout 3...).