It's a playability thing and also impacts immersion. Nobody is asking them to strip anything out or reduce the scope, and I don't think they'd have to. Hell, Oblivion was ripped to shreds for doing just that.
I posted earlier about how my expectations for Skyrim are fully in line with what I've seen and heard. But I do understand why some people are disappointed since they expected - and had every right to - that Bethesda would fix up some of the creakier elements of their games' core designs.
If they wanted to veer away from stats determining combat outcome like in Morrowind and give it more of an action-y feel (i.e. by making melee attacks hit 100% of the time), then they should have also re-worked some things like the animations and collision response. That's what would go a long way towards giving it the action feel that Bethesda so clearly strives for. Instead it's practically like the worst of both worlds. It doesn't feel like an action game and the underlying statistical complexity has also been neutered.