Skyrim is getting that legendary patch today for consoles. How does it work? Here's a quick answer.

I wondered what the ramifications were for rolling back your 100 level skills back to 15. Was it like paragon levels in Diablo 3? Did you actually lose skill buffs so it was a pure reset? What else happened to your character? A commenter at Joystiq laid it out pretty well:

LeCaptain: I just figured it out!  When you roll back your skills back to 15 from 100, you essentially start over again, having to work them back up.  The benefit to all that is you keep your stats, meaning your HP, MP, and Stamina stay where they are and aren't reverted back to whatever they were at level 15; all of this basically means that you can continue to build up those stats well beyond what you originally could before the patch.  I believe that the level cap was 80 or so, but now with patch, you can essentially go up waaaaaay higher than before.  A word of warning though, you do lose all skills that you acquired, but on the flip side, you get back all of your skill points, which also means that as you level up, you get even more skill points until you can essentially unlock, and max out, all the skills in all the skill trees.

No word yet if the Oghma Infinium exploit would still work on these Legendary levels.