But it seems like this is not the case, as I discovered when I was digging about the internet for information:
http://www.joystiq.com/2010/08/16/bethesdas-new-game-is-for-current-platforms-pretty-far-along/
Am I the only one who is completely disillusioned by this news? My anticipation levels have officially plummeted.
EDIT: Seems like it's a brand new engine after all! (check further into the thread for more info)