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Would you like to see Optional Speech Bubbles added to the games interface?
Check this mock-up for an idea of what they could look like: http://i.imgur.com/EuLtLbB.jpg
I'm sure Zenimax can design something even better.
The reasoning is simple, the current system is very clunky when trying to communicate with those around you. Assuming you even notice someone speaking in "say" via the chat box, you then have the task of working who exactly spoke, and then to whom they were speaking. Speech Bubbles have been a key feature of many MMO's dating back to Ultima (and probably even earlier), they aid greatly in social interaction, particularly with strangers.
The idea has been talked about on other sites, and in other polls. Generally reaching 75-80% in favor of the idea: Check these screenies I compiled: http://imgur.com/a/FLIwC
I really hope Zenimax add this feature as soon as possible, currently it makes playing the game feel very claustrophobic and lacking the fundamental feature of the MMO genre - Socializing