This is a feature that I thought was going to be added when I was looking at the gameplay footage before Skyrim came out. Basically, it's just an option to add a loadout to your favourites bar. For example: Add an option and call it "Sneak". When selected, it will equip a full set of sneak armor, right and left hand, and a different shout. Just an option that is completely customizable and can equip or unequip different items. When I say "unequip", you can also select the option of, say, removing the helmet. This might be useful if you want to change to all casual clothing. Maybe you could add like something at the very bottom of the Favourites menu that will link you to a menu where you can handle all of this. What do you think?