Wait... are you kidding me? Is it really gonna be lookin' cartoonish? If it is, for the love of Talos, Zenimax, blow up your development team now, or scrap the entire art team and rework everything. We're looking for the nitty-gritty, hard-hitting, heavy atmosphere experience that we love of TES. Please do not stain the awesomeness of the Elder Scrolls. >.<
I think they are going to be cartoonish, but as I take it from my fellow users, not everyone is thinking this way
But maybe you should take a look at the screen shots and make yourself an opinion

There's a pragmatic reason for choosing a cartoony vibe. If you can get an MMO to be less system intensive and run on more systems, more people can play it. And more people playing an MMO is kind of the whole point.
Maybe it will scale well. LOTRO scaled really well for all sorts of hardware. So did Rift. I'm curious to see more screen shots and actually see the game.
I don't think thats true anymore. A LOT of people bought Skyrim, so that means that each and everyone of them should have been able to play/enjoy it.
So why not take a similar engine for the MMO and not the same engine that SWTOR uses.
Age of Conan has a style that matches TES much better. Even if outdated by today's standards, it reminds me more of Morrowind, Cyrodill and Skyrim than the Old Republic/WoW colorful vibe from the screenshots.
http://images.mmorpg.com/images/galleries/full/032012/5147c51a-c2ec-4267-a6d3-c25203bd1ff3.jpg
That's exactly what I was hoping for in the TES mmo

It's the Hero Engine so expect the lip-sync to be off, the animations to be jerky, and the epic "fights" in the game to consist of enemies twirling their arms around like a madman while their hands glitch into the weapons they are suppose to be holding.
And that is why i quit SWTOR. I just don't want the Hero Engine to ruin my playing expirience.