They can wait as long as they want to release a new game and yes it will be a game designed to appease the masses like oblivion was and morrowind wasn't.
Elder scrolls games are now long term projects, I'm personally hoping the elder scrolls team are waiting to see if they could design the game with project natal in mind. http://www.xbox.com/en-US/live/projectnatal/ lol, that would be great hehe. Just imagine all those long hours of trekking through the wilderness fighting cliff racers with that system. We'd all be ripped athletes in a matter of weeks