The cryengine 3 looks amazing, and would be perffect for the setting that TES V will be in. Large scale environments could be generated easily (such as the pine forests of skyrim), and be generated in beauty.
also, the Cryengine 3 works well on consoles should bethesda go down that road again (hopefully they wont, but i guess its all about money)
this is just my opinion, but i would really like to know what other fans of TES think.