Most people interested in online capability are looking for cooperative play, and while this would be a tremendous amount of work to implement it wouldn't change the gameplay much. If you had a single party leader and everyone else took the role of a hireling it would basically be TES with extra followers - although if everyone was aloud to go in their own direction it would require more work to get things to line up. An MMO would fit into the latter category, and while it would be a lot of work I do think everything would fit together nicely.
If you wish to discuss multiplayer please keep to the http://www.gamesas.com/topic/1320106-official-tes-multiplayerco-op-thread/, However please note the rules in the first post, and please do not go in there simply to pan the concept of a multiplayer game. Skepticism, when kept constructive, is fine - but when that discussion turns dismissive it tends to get out-of-hand pretty quickly.