As someone who got bored very quickly of Oblivion and Fallout 3, I have to say that Skyrim is pretty awesome. The story is immediately engaging and the menu system is intuitive and accessible. The combat is great and is much tougher than the Fable series, but not as intense as Demon's Souls. The game is great looking, but I think RDR (on the 360) still holds the crown for best-looking open world game. Mind you, since I'm playing Skyrim on the PS3, it might not be a fair comparison (Rage blows them both away, but I concede the scope of that game is rather limited in comparison).
I finally understand why people love this series and put countless of hours into it (this game is going to be a huge time suck). The third person perspective (which I greatly prefer for this type of game) is much better now, though I have to switch to first person for easier combat. I don't know how long this game is, but I've probably put in 6+ hrs and have hardly scratched the surface. At this point in time with both Oblivion and Fallout 3, I pretty much threw in the towel out of boredom.
The only frustrating thing about the game so far is the limited carrying capacity. By the time I realised this, I had wasted money on some unnecessary things, whereas I should have been saving for a house. At first, I had a companion to split the load, but unfortunately she was killed in a battle (had to go back to a previous save) and I don't want to risk it again. I'll be lucky to finish this game and Dark Souls before ME3 releases.