The new spell / item system looked interesting, but ultimately it's going to come down to how much variety there is in combat. If it's still "cast spell, swing sword, cast spell, swing sword" or "swing, block, swing, block," etc., then this is going to get the same opinions that Oblivion did.
More importantly, IMO, is how they handle opponents and character leveling. The touched base on it during the video (some areas more difficult, some easier, some randomized depending on character level), but they didn't really mention how you actually level up. If they go back to the idea of "use skills over and over until you level, then assign +? to attributes based on which skills you use," then someone needs to kick them in the teeth. Oblivion badly needed more character customization and less monotonous skill leveling.
Overall, I found the video very intriguing. Despite Oblivion's shortcomings, it was still a blast to go out in the world and explore. I'm looking forward to Skyrim and I really hope they address those few sour areas.