I always felt Oblivion was very crappy in terms of combat. It was like a weaker version of Mount&Blade with less options. Morrowind's combat system was absolutely horrible, and Bethesda promised a much better one... but they changed details and kept the biggest problems it had.
Certainly nothing like, for instance, Gothic II.
I'm hoping for something to come out that is like a mixture of Prince of Persia: Sands of Time and Gothic II.
That would be an awesome combat system. The moves of prince of persia, both arms separately controlled, coupled with the style upgrades of Gothic II. *licks lips*