Well, I think pickpocketing should definately be implemented into the game it adds a little more excitement to the game- but at a point where excessive thieving can be disabled.
There should be certain areas where thieving is allowed such as in forests/battlegrounds and city borders, and places where the skill can be disabled such as Taverns or libraries, mostly the more friendly areas (indoors most likely) where players can feel at rest from the dangers of the world.
And there should also be a time limit after each attempt at pickpocket ( similar to neverwinternights ) after each attempt -wether failed or succeeded- there should be atleast 10 seconds or a considerable amount of time for both players (thief and target). Just thought I\'d say this, see how people react..