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*
Ah, Gothic II... possibly the best RPG I have ever played. And a great combat system, too - frustrating at first, but so wonderful once you get the hang of it.
One of the most enjoyable combat systems I've ever experienced, by the way, was in Dark Messiah of Might and Magic, which is an incredibly underrated game. The combat there was so visceral, so physical... and often absolutely hilarious. There's nothing like being able to kick your enemies into some spikes, or down a cliff, while giggling maniacally. That game also had a great stealth system. If you're willing to put in the time to get used to the controls, it's totally worth playing.