I have heard rumours that Beth have been developing a brand new engine for TES V - but this is certainly not confirmed. If they are indeed choosing to modify the GameByro engine (which is no longer supported by its parent company) then I don't have much hope for improving the problems that I highlighted above concerning the Fallout releases.
I'm sure TES V will be a great game; but I cannot hide my dissapointment at the possibility that GameByro will be used once again. This is because it is easier now to create huge seamless open-environments with a variety of engines; and a good example was the Avalanche Engine (used in Just Cause 2).