The setting takes place in Cyrodiil, about ten years after the Oblivion Crisis. The Empire is still intact, but many of the provinces have become far more isolated from one another, and there's alot of political scheming on the part of many different parties to find an Emperor sympathetic to their goals. But in the Imperial province, problems outside the normal politcal backstabbing have begun to occur. A number of citizens have been reported uttering odd, incoherent phrases in the middle of the cities, while others have disappeared completely. Many denizens of Cyrodiil have begun having bizarre, extremely vivid dreams.
What the general population doesn't know, thanks to the masterful manipulation of Ocato and the Blades, is that Dagoth Ur, the Sharmat of Morrowind, has returned. Worse than that...he's somewhere in Cyrodiil. (Don't worry, I actually have a means of explaining Dagoth's not-deadness.)
The roleplay will focus on the efforts of the adventurers as they attempt to keep Dagoth from establishing a solid power base in Cyrodiil. Along the way, they'll also be trying to figure out what Dagoth's master plan is, and why he's in Cyrodiil to begin with. Hopefully, all of this will entail elements of both subtlety and combat, so all types of characters will have chances to shine. There will probably be some good opportunities for character development as well.
Oh right, and the dream thing. There'll be points throughout the RP where Dagoth influences the dreams of the party in a similar fashion to what was seen in Morrowind (I'm unsure if I can come up with anything quite as crazy as the developers did, but I'll certainly try).
Anywho, that's more or less the idea. Any questions or comments? Would anybody be interested in this?