While I await the next TES installment with bated breath, I still have to look around and see what others are doing, and it seems like others are letting development studios other than themselves create titles based on their personal IP.
Think about it. Nintendo handed over Zelda to Capcom to create the Oracle series of Gameboy Zelda games. This games were fantastic, and critically acclaimed. Now, Nintendo has handed over their Metroid license to Team Ninja to create an all new Metroid game! http://www.youtube.com/watch?v=4581I_TDofo
Even Beth themselves handed over the Fallout license to Obsidian so they could create a Fallout game. Judging by Obsidian's track record, and that incredible teaser, I think we have another smash hit on our hands there.
It's hard to think of anyone but Bethesda making an Elder Scrolls game, but what if this turned out to be so? What if Bethesda handed out a license to another development studio to create A TES game? What studio would be a good choice? How would this studio interpret the TES license? What sort of game would they create? What if it were made by Obsidian, Bioware, EA, etc? Get those hypothetical gears churning!