So as I've been playing Oblivion, I've been thinking about what I'd do for a second character, and how I'd structure his skills to moderate leveling. If you're into Oblivion and you're still not sure what I'm talking about, read my original article, The Oblivion Paradox.
Basically, my new realization is that while leveling up too quickly is a problem in that the game could become too hard, leveling up too slowly is a problem in that the game would get not only too easy, but also a bit boring.
Right now, I'm level 17 or so, and the game really isn't that hard. I could actually do with a bit of added difficulty. So I'm no longer worried about leveling too fast. I'm thinking that my next character will probably be a magic-focused High Elf. I'll pick restoration and mercantile as skills, since those seem to go up pretty slowly anyway, and I'll pick block as a skill because I wouldn't mind that one going up too fast - very useful skill. I'll probably also pick heavy armor and only start using it after I hit level 15 or 20 and get a few feather-ed items and have the extra weight capacity. By that point, I should have slowed down in leveling anyway, and I'll likely appreciate the level-ups from heavy armor.
http://www.gamespot.com/pc/rpg/theelderscrollsivoblivion/download.html?sid=6148794