Ok so all over the net there are your usual list of issues, and people spouting the fix that worked for them....but wait, it didn't work for you, so you keep searching. I was thinking maybe users could post what worked for them here.
Please read the thread, to avoid repeating what has already been mentioned. Here is what worked for me, I have a GTX 680 Graphics card.
My Issue: Failure to launch.
List of what was tried:
Running steam, launcher and application exe as administrator.
Running in windows mode
Running in windowed mode - with borderless option.
Running in windows mode - lowest graphic setting
Running in windowed mode with borderless option - lowest graphic setting.
Latest video drivers from Nvidia: 358.91
Navigating to where the game stores preferences, and ini settings (same directory as saves), deleting both ini files.
Since I run steam,
Verified game cache - Again steam running as administrative user
What finally worked for me, and seems to be an issue with some of the new drivers with a couple other games as well.
Backdating to Nvidia Graphics Driver 353.06 - set the installer to clear profiles, 355 does not work either, i had to go back to 353 series drivers.
Before I did this, I used the GURU3D graphics uninstaller, while NVidia does a good job going up in version (way better than it used too) it still seams to not always like going backwards.
Keep in mind if you have a bunch of custom graphical profiles for different games...you will lose them. If you however are a normal user and don't mess with changing Nvidia game profiles, you should be fine.
The above is what worked for me, I also emailed Bethesda and created a support ticket so they have something new to try with people who are having issues. Mainly because conventional wisdom is "UPDATE ZEE DRIVERS!!!!!" but in this case, it didn't work.