No it doesnt svck for me at all. I'm going to be playing Guild Wars 2 on release. This game is so similar to that I dont know of any really good reason to play this one over that.
Lack of first person view and cartoony Wow like graphics doesnt make me think this is very TES like. Its more TESlite

Meh TES is TES, and yes i liked Battlespire and Redguard, they were still TES. The view and combat were a small part of what made TES games what they are and changing that doesn't make them any less TES.
Sure we can complain that the color's are brighter than most TES are known for, but the art side, na, no TES has never had ART that was fully the same and looking at the TESO screens, although brighter than usual, you can still see TES in it easy.