Well to be honest can you think of how to make a different formula for an mmo?
If Elder Scrolls Online fails it will not be purely because it has the core, necessary elements of any other MMORPG. It has to be third person, I promise you first person does not work with the type of gameplay. When you're raiding, when you're doing PvP, when you're grouping with people there's simply too much to be aware to limit your viewing perspective.
If the game has raids, groups, guilds, battleground pvp, third person view, and a protracted leveling process leading to a hard level cap that is the gateway to meanginful endgame content then that just means that ESO is part of the MMO genre, not an intrinsic failure. It is how the game packages, improves, and adds on to the elements I just listed which will ultimately decide whether or not it succeeds or fails.
An MMO is not defined as a race-based-faction-war with all the limitations that entails (from who you can align with to where you can travel), eternal and unexplained (in the game world) spawns of mobs/bosses (for
required grinding), limitless and un-penaltied and/or unexplained player ressurections, rigid class systems, etc...
What defines an MMORPG is that it is massively multiplayer, is online, and is a role playing game. That actually allows a great deal of freedom in how to design the game. It does NOT have to fit the easily recognizable, and over-done formula of the reigning champs and their less successful clones.
Unlike some others that have been posting, I'm not rooting for this game to fail. I want it to succeed. That is WHY I am making an impassioned plea for the developers to do something very different with this by sticking closer to the elements of the Elder Scrolls series that have made it a success over time...and the key element of that is the freedom a player of this game series has always enjoyed (you can do the main quest, you can do side quests, or you can just explore the whole blessed map) and to design their character to suit their own tastes and play style.