If I understand things properly there will be no player housing. Ultima Online had player housing day one at launch.
Also, I am led to understand that the game is going to have hot bars. I realize that hotbars are functional UI components but its a bad start because the very fact hot bars exist is a big move away from the well received UI of the other TES games.
If you implement any type of theme park "collection" or "fedex" quests you will nail it as just another wow clone for me.
Teleportation is another thing you should consider allowing. Mark and Recall worked in UO and they worked in Morrowind. Obviously fast travel won't really work but limited teleportation is something other developers have shyed away from.
I'll be watching this game very closely for signs that it will be sandbox but you dam well better make sure that it feels like a TES game and it just isnt a TES game by title. A lot of us have played the same game over and over since WoW came onto the scene and a lot of us are tired of the same old mechanic. If you're listening to a group within your organization that suggests this type of rehashed mechanic will work for you I think you should toss them out now. I would say the player base will be exhausted from this play style mechanic and the player base that comes to your game looking for something brand new will be a lot more than niche.
I would encourage you to consider trying some things new in your mmo, some things that made your single player games truly unique and special. These aren't really all technical by nature, but things like being able to drop certain things on the ground, or picking up a bottle of wine. Take a good look at that book of things they've told us we can't do in MMOs and throw it out.
If this is another cookie cutter mmo then I would suggest that is a terrible, terrible idea.
Anyway, I know this sounds a bit negative but I do hold out hope that this game offers something truly new and in the spirit of the awesoem games you have made before. Good luck and a lot of us will be watching with hopeful eyes.