Sorry, the last reply was mine but Jonathan was still logged on.
No one has any idea if the Unnamed Game in development actually ESV or some other item and no one knows when this Unnamed Game will be done.
I assume it is ESV because Bethesda likes money and Oblivion made them rather large sums of money.
Also, because as long as Bethesda reverses direction (from the Morrowind - Oblivion - Fallout 3 direction) ESV could be pretty awesome. Set it in a unique environment instead of the generic fantasy land that Cyrodil became and I'll spend absurd amounts of time running around with a sword hitting stuff. Get rid of that useless levelling mechanic and I'll lose an unfortunate portion of my life sitting in front of my television. Hire some writers who can actually write and my family will call the police worried that I may have been murdered.