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.