It's already created. It's here.
So assuming 2012 doesn't destroy us all, ha, right. When will we get the Elderscrolls game we want? The one we deserve. But not the one we need right now.
I was thinking, after this game sells, Bethesda will make a sizable return on their licensing. So with this money they could actually make their own freeform MMO. I was thinking call it "Daggerfall Online" release it for PC, and just make it a anything goes landscape. You don't even need advance graphics. Just make sure the physics are good.
Basically, It would be in the scope of a game like EVE. And all you'd have is one freeform Elderscrolls game and one giant server. And during character creation you choose a random spot in the world to just, spawn in. When your character dies you just die. But you leave like a tomb stone, where you can pick up like traits of your old character to give to your new one.
Or if you die you end up naked at a nearby temple.
The game should have events, that progress like, story. And server messages to tell you about them, maybe. But none of that is necessary. It's just an open Elderscrolls adventure. You start with your starting skills, and explore. There would be quests and such, and roaming beasts that attack villages. And you can defend them, or not. Or even join different factions. Even... Beast factions? Who knows!
Night Creature disease, etc.
You could even be a healer, buy a house in town. Or build a house ANYWHERE, and it can be attacked at any time.
I'm serious, I'm thinking it could happen for real. They could even add invading fragons. It would be amazing.