The Elder Scrolls V: Skyrim

Skills and leveling:

• The tutorial in Oblivion was deemed "too long", so we'll probably be getting a shorter one
• Each race still has certain strengths and weaknesses
• Face creation has been simplified, to make it easier to create decent-looking characters. Each facial feature (nose, eyebrows, etc.) has a few presets you can choose from. You can still adjust size and position.
• 200 different Perks, no character can get all of them in one playthrough. This helps to make characters really unique.
• There's no hard level cap, but eventually you won't be able to advance any further.
• Three weapon skills: one-handed, two-handed, archery. No spears (so far).
• Perks allow characters to specialize in a certain type of weapon (mace, claymore, etc.)
• A lot of attention is being paid to crafting, smithing, alchemy and enchanting.
• Alchemy is now a stealth skill (poisonmaking and such)
• Spellcrafting may or may not be in, they're still working it out.

World:

• No confirmation on mounts: they're trying to improve on the Oblivion horse.
• Thus far, Dragon mounts will not be a part of the game.
• The game world is the size of Oblivion's, but its a lot more detailed. The multitude of mountains in the game makes the game feel a lot bigger.
• There's several ways to get across a mountain: you can go over it, alongside it, or right through it.

Combat:

• A lot of work has been put in making the Dragons a difficult and amazing enemy to fight. They can divebomb, set streets on fire, and a lot more. Todd describes them as "a mix between a Big Daddy and a Combine Helicopter".
• Gameplay is not too radically different from Oblivion, but...
• Combat will be more realistic and gritty than in Oblivion.

Radiant Story:

• They're trying not to "oversell" the Radiant Story mechanic. It's a tool to keep players occupied, it doesn't influence the story.
• If the game feels your character could use a challenge, it might place a radiant quest inside a high-level Dungeon to teach you some humility.
• Companions function differently from the Fallout series. There's a lot more of them, but you won't be getting to know them as well as you could in the Fallout games. They originally experimented with everyone being able to become a companion, but ultimately cut that again.

UI:

• A small compass will always be present on top of the screen, while the Health/Magicka/Stamina indicators will appear when needed.
• PC version will have a special UI. Depending on how fast development wraps up, they may or may not give the PC another graphical update.

Story:

• Skyrim is a lot more low-tech than Cyrodiil, with a lot of majestic ancient ruins.
• You start off as a prisoner, as a bit of a tradition.
• Your character finds out he/she is the Dragonborn after being confronted by a Dragon. The Greybeards will attempt to contact you by "having your name shouted by mountains".
• Some factions are returning, some are new. The ones that do return might be different than you remember.
• High Hrothgar has 7000 steps, just as it does in the lore.
• They're not ready to "discuss the possibility of multiple endings".

Other:

• Todd's very confident about meeting the release date.
• They're shooting for an 'M'-rating, but no Fallout-style violence.
• Achievements will be balanced between quests and more random stuff.
• No Kinect, no 3D.