I'm quite pleased they didn't plant good loot in the world where a crappy level 1 toon could just run and snatch it up. In the days that we live in now, where nothing is worked for and it's all handed to the whining masses, gimme a long involved quest with a decent reward at the end!! Call me old fashioned, but I like a challenge in a game when I've laid out some $$$ for it. The best items I've seen in Skyrim were either made by my toon, or granted at the end of a very involved quest.
Skyrim > Oblivion by far.
-Carn
I used to be on the other side of the fence regarding hand-placed loot. I loved how Morrowind handled it, you were never sure if the cave or dungeon you were entering contained some legendary item guarded by a fierce creature at the end of it. It made exploring very fun. On the same token, you could get some of the best gear in the game at very low levels, if you knew where to look.
Skyrim's exploration is just as fun, but in different ways. I like how in Skyrim you can still find high level loot at lower levels, but you have to get lucky. For example, I found an enchanted Ebony shield when I was only wearing Dwarven, in a master locked chest. It was by far the best piece of gear I had found at that stage of the game, and stayed that way for quite awhile. I also stumbled upon the Daedric artifact staff that summons a Dremora at relatively low level, and that has proved to be a very powerful item for most of my game so far. It was definitely one of the most powerful items I've found and I found it at low level, which was cool.
Skyrim, with it's dynamic and scaled approach, much different than the static world of Morrowind, has made the loot system fun for 75 hours and counting for me so far. I am constantly finding good loot that keeps me wanting to keep searching for more, and doing more and more quests to see what rewards I will get. That is the best compliment I can give to Skyrim, it's loot keeps me coming back for more.
I also love how you can create your own gear and it's just as powerful as some of the stuff you find. I currently have a nice mix of items I've found and also items I've crafted myself. I'll probably never be able to enchant an item with 2 enchantments, but throwing some enchantment on a piece of Ebony armor is still very satisfying.
So while very different from Morrowind, Skyrim is just as good, if not better in the way they handle the loot system. It's perfect really for an open-world RPG.