It looks very good to be honest. I know Beth are masters are marketing, and Todd did evade several questions, but I really liked some things. The base system where both hands are free is a nice find, even if copied a bit on Bioshock 2. I particulary liked the tundra, with it's giants and mammoths passing peacefully. I hope we see more passive creatures, it really adds to the believability when not every single being you meet wants to rip your head off. The engine also looks great, the water in the cave seemed very nice indeed to me.
That said, the animations still look a bit stiff, and I do not believe Todd a second when he says dragons aren't scripted. They made the same kind of demonstration for Fallout 3 (remember the Super Mutants being smoked by a Protectron?) and it turned out to be a big fat lie. And that radiant system will crash and burn in actual gameplay, I am 99% sure of it.
Also, the skill system doesn't look that bad. Selectable perks is better than inane, barely perceptible skill development in my books, and Fallout style level scaling is acceptable too (but no birthsign makes me sad).
One last thing, my guess is that we will get our first Dragon soul by finishing off a wounded one. I would not like a level 1-2 PC to already solo dragons.