Don't hate on the arrow. When the instruction says "North" when it should say "North by North East" and I waste two hours getting lost and eaten by cliff ragers, fuck your immersion, I want an arrow. If anything, it should be a marker in the 3D world and not on the map or compass. When you get near enough, it should appear so you know that it's on the other side of this rock so I don't just keep going, trying to figure out exactly which North it meant, or how far the non-specific instruction meant for me to go. If I'm being directed, direct me. If I'm being challenged to find something, give me clues, not directions that simply suck.
Oblivion's disappointment was that it didn't fix the right things. You still have to game the leveling system on pain of being gimped, Alchemy is still broken and cumbersome, Argonians and Khajiit should have their own line of footwear, and I don't have to begin on how the leveled enemies shit and console consessions failed to work. Despite the many improvements, they're hard to see through all the unfixed and introduced fails.