It is quite nice to look at the landscapes. But since they're mostly snowy, my memories of Oblivion are that it was more impressive.
I just found out that they do have hotkeys, if you type 1-8 while highlighting something in the favorites menu. Will try that next time I play.
Other than that, my destruction High-Elf mage is doing quite well. I'm thinking about raising the difficulty setting, since I basically just set everything on fire and blast it away. Had only one close fight so far, and one horrible defeat when I tried killing one of the mammuts. I was kind of expecting that one, though. :-)
