Personally, I'm in favor of an Elder Scrolls online game - probably because I love the Elder Scrolls (I've put over 2000 hours into Oblivion) and haven't ever experienced any other online games - never got into WoW, etc.

I only hope that Bethesda will put additional time into development to get as many of the bugs out of the game as possible. Five years running and there are STILL patches being released for game-breaking bugs in Oblivion...and though I haven't played it yet, Skyrim is the same from what I've heard.

I have no doubt that Bethesda will make this a quality, fun-filled experience...I just hope they spend more time than usual fixing bugs, and/or allow for an extended beta test.

Bethesda not making it Zenimax online is

Another of Zenimax Media's internal studios is making this gams. Bethesda Softworks will publish it.

The Bethesda your familiar with, another internal studio, Bethesda Game Studios is not making it.

And for reference Skyrim was the least buggiest BGS game ever, and one of the least buggiest WRPGs I've played in the last two decades.

Whoops - that was embarrasing!
I haven't had a chance to actually read the announcement yet. For me, the "announcement" was the addition of this forum.