We know that there will be a great number of magical effects divided into Spell, Ability, Disease, Blight Disease, Curse and Power types. We're going to keep the magic system a secret for a while longer. We know that to create a new spell we will need to discover the magical effect first, and that Alchemy will boast greater depth and flexibility than other games. Conan will suck at it, though. Lycantropy has been one of the most successful features of Daggerfall.
Different races start out with racial bonuses in various skills, and with special racial abilities.
Which I will neglect to specify at present. To finish, a generic question. Bethesda has an excellent relationship with its fans. Developers post on the official boards, and gamers are eager to give suggestions. This happens for Morrowind as well as for other cool titles like Sea Dogs.