My best friend is picking the game up today, as he was a big fan of Oblivion (when Quests weren't breaking on him). He'll be bringing the game over tomorrow so I can get some hands-on time with it before I decide if I'll be picking it up as well. I'll make up my mind then, as I have $45 in gift cards coming in the mail I'd like to use on a game before the holidays.
At the moment, though, I'm on the fence when it comes to this game. I didn't play Oblivion, and I hated Morrowind. I found that game incredibly dull, as it felt like I was constantly wandering over the same square mile of terrain investigating copy & pasted dungeons killing the same enemies. The world felt fairly generic High Fantasy and the story was fairly uninteresting. I never did finish it.
I did like Fallout 3, though...when it wasn't crashing on me (which was often on PS3). I did find that when I knocked out the main story quests and had all the best gear my character could use, I really stopped caring about the world at that point and just got bored wandering through the same 3-4 environment templates; grabbing the same loot; and killing the same enemies in not particularly hard ways. I'm really concerned about running into that in Skyrim as well, as well as hitting major technical issues like I did in Fallout 3 (despite this being a new engine, reviews are already citing crashing issues and breaking quests).
From the looks of things, though, Skyrim seems to be much more user-friendly than Morrowind was, so I think I could probably get into it.