I completely agree with the OP. I am an avid MMO gamer and a loyal fan of the Elder Scrolls series. Yet, I was totally disappointed with the announcement.
As a fan of Elder Scrolls I was disappointed to see the removal of many of the features I have come to love in the series; Player housing, player infected vampires, werewolves, skill based character development, twitch based combat, and a living breathing world. You should be able to own a house. You should be able to be infected by a vampire and become a vampire. You should be free to develop your character, not be stuck in generic class arc-types. The world NPCs should also move around and interact with each other like they do in the games. At night the local blacksmith should be asleep in his house, not standing in his shop immobile waiting for you to drop in.
As an MMO gamer I don't want to see another WoW clone. None of the major MMO studios innovate anymore. Most are content to make mediocre MMOs that fizzle out soon after launch. Sure copy what works from WoW, but don't simply clone the game with a Bethesda twist. WoW is a linear theme-park level grinder. That is not the only kind of MMO that exists. Linear and level-grinder are not two things I associate with the Elder Scrolls.
I will give Bethesda credit for bringing back some old school MMO concepts. Three faction PvP and open world dungeons are ideas that were forgotten in more modern MMOs. I have my doubts about open world dungeons, but in general I like these concepts. Visually I think the game looks nice as well. However, that's where it ends.
Based on what I've heard and read I envision another in a long line of extremely average MMOs.