The next Elder Scrolls game should have more politics. Oblivion was severely lacking in that department and it showed. The devs at first envisioned a way to add politics to the game, through the dead Count of Kvatch (the player was supposed to take his place) but in the end they cut it, saying that it drew the player away from the main point of fighting the Daedra. I don't think I've ever heard something more idiotic in my life, but it seems that the efforts Bethesda made to mainstream the game crippled it entirely when it came to politics.
We should have politics in TES V! Something like the Great Houses in Morrowind but better and more involved. Bethesda should also reintroduce miscellaneous quests that are randomized, but only after a certain point like, for example, in Morrowind where you got to a high rank in a Great House and got to own your own manor-house. In your position as noble you could possibly have conflicts with other nobles, hire the Dark Brotherhood to kill them, have to fight off DB attempts on your own life. You could also solve disputes on your estate between your subjects. You could have a quest in which you have to deliver 2 000 gold pieces to your liege lord in a set number of days and you can choose how you go about doing it: either abuse your subjects so they fork out the gold and much more, which stays in your pocket, or collect the gold in a lawful way and discover that you subjects don't quite have enough gold, so you have to add some gold from your own pockets.
If you abuse the peasants and give your liege the ill-gotten gold, your subjects will hate you and it will, as a consequence, make attempts at your life far more frequent (the people don't give a crap if they have assassins running around trying to kill you) yet your liege will be thankful and could possibly give you favours when you ask it of him.
If you gather the gold lawfully and add some from your own pockets the peasants will be glad and they will protect you in case of attempts on your life, making your experience as lord a much safer one. It will take more time however since some peasants may require a few extra days to gather all the money so the lord will be visibly pissed off with you.
Choices equal consequences, right? These examples were really something though about on the spot and it isn't hard to come up with them. Why don't try your own, see if you can beat Beth at their own game?