Romances would be cool, but only if the person you're romancing with would really have his/her own life, motives, place to live - a place in the world in general. And that "romancing" wouldn't be a matter of simple and dumb-as-hell choosing the one right answer (i.e. compliment) in various dialogue scenes.
And I would like to have arguments and reconciliations, not only sweetness. Or perhaps no sweetness at all, and just the type of relationship that's simply about being close with someone.
Or perhaps, instead of me chasing my chosen romance character, someone could chase me? Or even a couple of someones? Or perhaps I'll be chasing someone while someone else is chasing me? Or while I'll be chasing someone, someone else is also chasing the same someone? Ah, the complications, ah, the rivalry!
Complitate it, people, make it like real life! If it's to be something like Bethesda's idea of relationships, then don't bother. No, really. I understand that implementing such complicated scenarios is not easy and might not be feasible, but if I'd have to choose between having dumbed down romances or not having them at all, I'd go with the latter. It's less embarassing.
BTW, could you have, like, multiple romances? And if some of them found out about the other(s)... Heh, it could be used creatively in the game, for instance someone could blackmail you and threaten to spill the beans if you won't do a job for him. Obviously, ending a romance in war mode could lead to other consequences down the line, like your betrayed ex providing information on your secret treasure stash to some not very nice people (that could hurt, imagine much of your equipment stolen), trying to destroy your reputation, or even working actively to bring you down. Could be cool.