:( That's still not good news. I was hoping they'd be hard at work on a new TES after finishing FO3.
And where in that statement did they say that they
weren't hard at work on a new TES?
Pete said,
Todd and Bethesda Game Studios are hard at work on their next big game, and we're not ready to discuss it. As always, we prefer to have something amazing to show when we talk about it. We aren't going to confirm or deny or comment on speculation, nor are we going to give hints about anything. If you know us by now, you know we don't really do that.
Now, that unknown in-house title could be TES:V, it could be the next installation of the Fallout series, or it could be a brand-spanking-new IP they've acquired. While I know ZeniMax just recently acquired a bunch of IPs from iD software, those came into the picture too late to be what they're working on, if they're already in production or "hard at work" (and if they're not in production, then what has Bethesda been doing for over a year?). And further, I don't know that Bethesda has been given any other IPs to work with by ZeniMax in the first place.
So that leaves TES and Fallout. What with the development of Fallout: New Vegas by Obsidian, I don't think it would make a whole lot of sense for Bethesda to make a Fallout 4. It would conflict the interest of Bethesda the developer and Bethesda the publisher, as the games would be in competition with each other. From a marketing standpoint, it would appear to be a Fallout overload.
And now we're left with TES. Purest speculation, but I wouldn't be surprised in the slightest if TES:V is what Todd's team was hard at work on. And they're not going to tell us until they're ready, because as Pete says himself, that's Bethesda's style.