I think there's a perfect balance of the two. The nature of Mundus and its creation are very deeply explained, much more so than our own universe, and it could be discussed for hours. However, not a lot of people know that. Perfect example being the guy earlier who said it didn't matter. You can easily play through the games and enjoy them without taking much notice of the forces that drive the stories and the nature of the universe. But it's there. It's very rewarding to learn about it. I always feel like it enhances my experience when I go back to play the games.
What he is saying, though not expressed in the right way, is a vision I share as well. There's not enough history in TES (although you find lots of books by historians, but not enough to get to well grounded conclusion), as defined as scientifically inclined discipline, that is rigurous and consistent with known facts (facts as defined after the scientific revolution). What there is is a lot of "accounts", and conflicting at that. (and this is not at all bad; though sometimes it makes rewarding narrative difficult, its an interesting quirk of the series and one I dont under appreciate at all)
The creation of the Universe is not explained AT ALL; what's explained are the various creation MYTHS of the different religions, and how these tie to the world views and beliefs (and ultimately, the shape the gods take in their cult and lives), of the different races.