I agree they should have reworked the looting system as it is identical to Oblivions and to some extent, Morrowinds. Perhaps someone will mod that.
Besides the looting system, I really think is is the best TES yet.
My main game is about 30 hours in and I'm just now getting Elven gear and a bit of Dwarven at level 17. I've halted playing that game though because my perk selections are so spread around that while I probably should have 3-5 perk points each several trees, but I don't have one with more than two in about 7 different trees lol. So hopefully the mod tools hit soon and we get a respec potion soon after that!
My second game is melee focused 1h, shield, smithing, heavy armor, archery. Chars only lvl 7 but so far it's rather fun. The melee combat isn't as good as it could have been but it's still worlds better than Oblivions was.