Awesome - Bethesda does it again!
Gameplay:
The good - fantastic missions, even after a long time (nearly 50 hours) of game play, I've only scratched the surface of the game, and only been in 3 of the 7 cities. The game is big, open, and fun; but you never feel lost for what to do next - if anything, there's too much to do!
The bad - The people can be a bit... dumb. Not stupid, just repetitious occasionally, with some glaring "This-is-a-computer-AI" mistakes occurring with path-finding and the like. All told, the experience is very good though.
Graphics:
The best. Go look at a screenshot. Imagine it moving.
Sound:
Also stunning - the music does get a little repetitious, but it's discreet enough to not be a problem. When I first went into a forested area, heard a bird chirping, and looked out the window to see where it was, I realised how good the audio actually is.
Value:
In terms of value, this is one of the best value games you can get. It's rated at "over 250 hours" by Bethesda, and personally (Based on my experiences with Morrowind), I'm guessing something more realistically around 500 hours, with awesome re-playability. Oh, and that's not including the official and player-created mods, either. Best value game on the market at the minute.
Tilt:
I love this game!