First is your name: Yes calling it Elder Scrolls Online is a mistake. Elder Scrolls is your single player RPG franchise name. Should be called The World of NIm online by the developers of Elder Scrolls.
You can still make a good themepark game based of the world of Nim. Make sure you have exploreable quests, PvE Mobs on par with players on diffculty, Few instances, no static AI, World interaction, Elite open world areas, Open world PvP, Try and view it like making it a copy of Vanilla WOW instead of the new WOW. That is what made WOW such a big hit at launch.
Dungeons need to be hard, players can just except you will die the first few run throughs of a dungeon, make bosses more intelligent than tank and spank.
No cinimatics: Most players do not like the game being played for them! Doesn't mean you can't have a good story.