At low levels, there's the adrenaline rush of running from a bandit you know you can't kill, and the feeling you get when it's dark out and you come face to face with a necromancer.
Later, things start to get boring because I've memorised the map, I know most of the people in the game, and I've realised my limits.
Late game is the most boring - no challenges, quests tend to get tedious and you get the urge to fast travel since you've been on the roads so long you already know what's going to happen before it does.
For me, Skyrim is like a exponential damping function, The game starts of great, dwindles down until I create a new character, explore new combat styles, and go again. Each time I know more about the game itself so it becomes less fun overall.
Detailed Overview of the choices:
Parabola: Like a U shape - starts of fun, mid levels get boring, but then the game gets good again when you're at the high levels range
Inverted Parabola: Upside down U shape. The game starts of boring, and the mid levels are the best. But the game starts to go downhill from there when you reach the overpowered high levels
Exponential Damping: My experience as outlined above, sort of looks like a sin wave getting smaller and smaller. Each bump is a new playthrough, new DLC, or new mod.
Logarithmic: Starts of sort of boring until you discover more and more and the game keeps getting better and better but at a slower pace.
+Square Root: Sort of like the opposite of the Logarithmic view, the game starts off great, until you become an expert at it and nothing is new or you feel too overpowered. The difference between this and exponential damping is that creating a new character isn't going to fix the problem
Exponential: The game starts of sort of boring since everything is killing you, but the more powerful you are, the better. You reach the height of happiness when all your skills are maxed out and you can kill any enemy at the flick of your thumb.
