Bethesda has stated on numerous occasions that they have removed level scaling. Which was by far the biggest problem of Oblivion. Sure Oblivion's main story was tame compared to Morrowind. Many quests lacked the depth that was found in Morrowind, but it was still a FUN game. I had FUN playing it, even though it was simplified it still gave me enough choices and freedom to feel like a real cRPG.
The man behind the best quest/s in Oblivion (and in my opinnion one of the best of the Elderscrolls series) is Lead Designer on Fallout 3.
I say let's give them the benefit of the doubt and wait for the game to come out before we crucify them on the fucking cross.
When it does, and if it turns out shit, then by all means, bring out the hammer and nails!
I have a nifty blue line!