what exactly do you guys think the limitations will be, im going to assume ENBs and other performance demanding mods wont be compatible

By default the limitation will be mods that are built in the GECK with the official game resources or its DLC resources. I imagine some exceptions can/will be made, but it won't be as open as the PC's modding regardless, and for a number of reasons.

They vaguely mentioned the possibility of things like, a Halo armor mod if Microsoft allowed that, and therein lies the catch - the mods have to be approved by the console manufacturers.

I worry that a lot of people think they're going to have the same breadth of mods on consoles that we'll enjoy on PC, and that simply isn't going to be the case.

Limitation would most likely be ENB's and Nude mods i am also assuming that there will be no Dragbody Armors, since it is taken from other game files.

There will probably be a limit on the amount of mods that can be installed so you cant just do it like you can on pc where you install the entire mod database and your game just blows up.

I'm hoping Sony and Microsoft take a open minded stance to this. I think this will be the first time a game on console with officially support mods made on the PC platform. Ignoring of course people who have modded their consoles and such which isn't supported by the companies.

This could pave the way for future games getting mods and might even spark a new niche in the modding community. Which would of course increase the longevity of games and increase their profit so I'm really hoping try to make it work.

Like TesVixen said, it will probably be limited to the resources provided by the game and the GECK. However, there will be able to provide quite a bit in itself. I remember many people wished they had the Enclave Commander mod to use on console but couldn't. That was done entirely with in game assets.

Since there will be no script extender on consoles mods that use custom scripts will not be available on ps4 or xbone.

Its not really a matter of being openminded Ev, Microsoft and Sony simply aren't going to allow copyrighted content on their systems because the owners of those IPs could sue them.  

Nor will they allow content that could result in the game's rating being altered.  If a bunch of porn/etc mods come out, the ESRB will re-rate the game.  Back in 2006, the fact that Oblivion had castrated corpses and 'nude' textures in the game files caused the game to be changed from Teen to Mature.

Well no I agree with you on people modding in content ported from other games. That won't be allowed. Also agree with the nude crap. I didn't think of the rating thing though. Some quest mods and quest lines people might cook up might push the moral line.

I meant more along the lines of allowing for creativity or the extent at which people can mod. Like how much of the game people can change before they say ok stop you can't do that. The mothership zeta command mod was excellent and like a mini expansion. That's what I'm hoping to see for consoles. Huge quest mods or expansions.