Yeah, I'm slightly disappointed in that. I'm a little miffed that encumbrance is set (with a few things you can do to increase your limit) because that means you can't easily pile on potions and head off without any healing magic.
I've also found that whilst playing on Master difficulty can be fun, it starts to get frustrating with some random encounters. I finally toned it down after being killed by the same 2 bears ~10 times 
Unsure but Oblivion had spells for Encumbrance, also Stamina seems to increase it, also presume some sort of apparel. ALSO use your followers to carry stuff too
Found them to be MUCH more strong than the player for carrying things
