A game like skyrim does it perfectly. You can steal anything that you want if you are so inclined, but are limited in what you can do with them, With many merchants not buying stolen goods for the example.
Actually, I consider that to be a very ridiculous thing about Skyrim.
Sure, it makes sense that I can rob someone's store clean and don't have the ability to sell my stolen stuff back to its rightful owner. But if I stole something in Riften, I should be able to sell it in Solitude.
But no, for some reason every merchant in Skyrim instantly knows that this wooden plate I stole is in fact stolen, like every worthless item in Skyrim has its owner's name engraved into it.
Anyhoo, about D:OS:
I like how one character can occupy someone and have the other character rob him or the room he's in. Shouldn't be 'fixed'.
What could get a fix though is pick-the-room-clean-in-under-five-seconds invisibility spells.
Perhaps have the invisibility spell cancel itself after you pick something up.
Pickpocketing is too easy as well, and it doesn't really make sense. Right now there's a limit on how much you can pickpocket from someone, but if you don't overstep that amount then you can pickpocket without the danger of being caught. Add invisibility to that and you can pickpocket someone right in the middle of a crowded room.
In my second playthrough I've been ripping off as much people as I can and am loaded with gold. >_>
