I'm seeing a lot of http://tvtropes.org/pmwiki/pmwiki.php/Main/RuinedFOREVER here.
But everyone knows it was Oblivion that did that. This game will either be a forgettable cash-grab WoW clone or the vanguard of a post-WoW MMO resurgence, where there's no damn daily quests and epic mounts and random get X number of boar tusks quests, but something more like Ultima Online or Dark Age of Camelot or hell, even Planetside. If they're smart they'll do something totally different. I don't have any hopes, though, not after Skyrim didn't live up to my expectations.
If anyone remembers me pre-Skyrim: you were right. Dumbed-down indeed. Disappointing plot. Neutered magic and poorly-thought-out perk trees. My real hope is that this MMO puts Bethesda Game Studio to shame.