I'm going to start by stating that I've been a huge Elder Scrolls fan since I started playing Arena back in 1994 (then of course putting countless hours into Daggerfall, Morrowind, Oblivion and Skyrim). That being said I'm not excited at all at the prospect of an Elder Scrolls MMO. This is not the game the fans have being asking for (the real fans, not the ones that are only aware of Skyrim and possibly Oblivion), even though we've been asking for multiplayer for ages. We really only asked for a co-op (2-4 players), so I'm a little disappointed to see that they jumped straight to the already overcrowded MMO market. It really seems to be a decision based off of money and not a positive direction for the series.
All of that being said, the game seems to be coming along nicely and looks very good. I just can't get excited about yet another MMO not bringing much original to the genre.
I hope I'm wrong about it, but I doubt it (I'm only wrong about 60% of the time, the other 50% I'm dead on!)