Personally? I've felt that the combat was one of the weak points of the past two Elder Scrolls games. Just wasn't a fan of their take on real-time combat in Oblivion, and I didn't find much more compelling in Skyrim. (Though for the record I had a lot of fun with those games, in spite of what I'd consider their flaws - I just focused more on range-based characters.)
If we're talking about basically clicking on an enemy to auto-attack, with some calculations going on under the hood...
That sounds (to me) a lot more similar to Morrowind than anything. And while I didn't find that to be the most compelling part of that game, either - I don't really think any of this is going to be all that much of a departure.
(And really now - up through Skyrim the top ten complaints about the series could generally be boiled down to "too much of a departure from Morrowind, and too much of an emphasis on button-mashing." So I find it a bit surprising that lately there's a lot of complaints about how the MMO isn't going to have enough button-mashing...

)
Anyway, I'm not much of an MMO guy. With a 1-yr-old to raise, and limited free time, I doubt I'm going to be playing this too much. But I, for one, would actually find a more tactical combat sense that boils down to more options than "should I hit the trigger, or hold it?" to be a refreshing return to "older" TES games.

I can't agree with that. While I could entertain the idea that RPG combat in general has been simplified in comparison to its roots, TES was always an action RPG in principle, if not in execution. Compare Daggerfall to its contemporaries and you will clearly see that it was not meant to be a "traditional" CRPG in its day. Morrowind may have been its descendants' better in many ways, but the combat was not one of those.
Take a look at the mods that are available for Skyrim(or Oblivion, or even Morrowind). The mods that harken back to the earlier years of gaming are all about depth and immersion. In contrast, the combat mods move gameplay even further away from traditional RPG combat and shifting the action up a notch. I don't seem to recall seeing a Skyrim mod called "Best Attack" that tried to recapture the "glory days" of repetitive clicking of LMB until the enemy or the player falls dead.
No, if i describe Morrowind in a favorable light, it's because the game had atmosphere and mystique. If I sound nostalgic when talking about Daggerfall, it's because you could literally get lost for days in that game if you wanted to, due to its mind boggling(if overwhelmingly buggy) scope. If I have anything to say about Skyrim, it's that the combat is better than Oblivion's(which was, in turn, better than Morrowind's). It's still not quite there yet(which is why I use mods), but it is definitely becoming a better action RPG combat system with each iteration. Now the skill system, on the other hand...
Even at that, I could accept a TES MMO that used Morrowind's combat(though magic is simultaneously too weak and too easily exploited in that game). What I cannot accept is a boring hotbar system that gets implemented in the mistaken belief that this is what MMO players want. I got tired of that kind of combat in WoW and have seen no proof that it can be made to be superior to what TES already has going for it.