Cooldowns.... how modern. I guess it encourages more experimentation if your not worried about expending single use spells before resting, but.... that means we will definitely be getting a persistent skill bar at the bottom of screen somewhere. My hope is that they are stylized icons rather than full colour art of flames and screaming faces etc. The original games made very effective representations of spells and skills with their little icons. It will look much more stylish that way I think.
Also, for whatever reason I don't want to see a horse in this game. I think other games have done that well enough, but I prefer the kind of fellowship of hiking with companions and taking the time to take in the environment.