Torch (Oblivion)

Oblivion
Torches are off-hand items that provide your character with light when it is too dark to see. Torches can only be used while no weapons are drawn, or while using a one-handed weapon with no other off-hand items. Torches are also able to be used while riding a horse. They are not only weightless but worth no money as well.

Torches go out after 1000 seconds and provide 50 feet of light. Also note that wielding a torch will make you highly visible and ruin any type of stealthy movement. You cannot hold a torch in water.

Skyrim
Torches are confirmed to appear in Skyrim several months before the release of the game. . It wasn't obvious and however such item aren't common in the game.

In practice, instead of being weightless, torches now weigh 0.5 pounds each and the length of use does not exceed a few minutes. Given that dungeons are more illuminated, their use isn't as frequent as in Oblivion although guards and NPCs use them often around cities and town at night. Alternatively, the Candlelight and Magelight spells provide sufficient light for those skilled in Alteration magic.

Since the Skyrim's new engine, the torch is generally worn instead the shield on the left hand. The item allows to block enemies attacks and after unlock the correct Perks, to attack enemies.

Torches found in mines seem to have an unlimited duration. If you 'activate torch sconce' it will add the torch to your inventory and then when you equip it, it seems to run for a long period time.