Also, this is the first time since really Daggerfall, that Bethesda is working with a platform it knows very intimately. It's kind of Arguable with Daggerfall, because of how rapidly PC technology was developing back then, but it's definitely the case here. For better or worse (I think for better) Skyrim is using older tech, to greater effect. I think, because of that we may not have the "Flashiest" game on the market, but I have a feeling this is going to be the console generation's "Shadow of the Colossus" so to speak. The game that comes in at the twilight of a hardware cycle, that shows us we had really just begun to learn it's capabilities.
I couldn't have said it better myself. Bethesda has developed a number of games on the current generation consoles and they are probably quite well versed in the intricacies of the hardware. This makes me feel pretty confident and, to be honest, pretty excited as well. I don't doubt that Skyrim will be an engrossing and technically impressive game.
And of course, it's Bethesda Game Studios. Even if I don't agree with all their design choices, I can't call any Elder Scrolls game, from Arena to Oblivion a "Failure".
Likewise. Some were more fun than others but I have liked them all.