Bought it and have played about 10-15 hours on it. I'm having a blast. I loved Morrowind and Oblivion as well - this seems to be much more in the style of Oblivion but with improvements. The interface is simpler and character progression is more streamlined. The quests seem more interesting with more surprises as well. I'm told everything in Skyrim has been hand-done, from object placement in Dungeons to the outdoor maps etc., unlike Oblivion... and I think it shows.
I've been sneaking around sniping and casting illusions from day one, then summoning daedra to defend me when things get dangerous. I've only scratched the surface of the main plot and the world in general. I've spent 90% of my time in and around the town of Whiterun.
BTW, bow use is definitely hard on moving targets, but I believe it's on purpose - there are traits you can pick up on the archery tree that slow targets down when you zoom in on them while wielding a bow. I assume they felt it was a little too easy in Oblivion and made it more difficult in Skyrim. There are also traits for trained bow users which give a 50/50 shot to stagger a target when you hit them and/or give you a chance to paralyze a target with a hit. I will say that I'm bow-focused in the game and haven't taken the slow-when-zoom traits yet and I'm doing well enough. I get creamed if the two-handed swordsman gets to me, but usually I'm well-hidden and sneak attacking -- I also a conjured minion at the ready to help me out if I don't do enough damage with my first strike to seriously wound my target.