I'm very unhappy about it, mostly because I think there's a fair chance the success of TES:O will be the end of TES:SP (just like WoW killed Warcraft series).
And the reason why I think it will svck and blow at the same time has nothing to do with the quality of the game itself (about which we don't know anything yet) and everything to do with
people who will play it (and we know them all too well).
Like it or not many people have been asking for a multiplayer Elderscrolls game since Morrowind. Probably earlier.
That was before WoW. Sure, there had been d-bags in online games before that, but not on this scale. If TES goes online, I'm afraid that the barbarian hordes will hijack the franchise and the insanely dedicated community of TES players and modders will slowly die.
I think our only hope lies in Zenimax Online doing something very unexpected and basically shooting themselves in the foot financially - the only way this won't be a disaster is if they make a top quality game that will be too hard and mostly unplayable for pre-pubascent [censored] with the attention span of a senile mosquito, if they make a conscious choice to make a game that will appeal to a much smaller audience, not to trolls who already pissed all over Azeroth and would like to mark some new territory. Judging by how the TES games progressed (regressed?) from Morrowind to Skyrim, I seriously doubt that will happen though...