Let's clear up a couple of items before speculation on this begins:
1) Just go with me on this one (even if you don't believe it) just for the purposes of my speculation - TESV will not be a PC exclusive title
2) The next generation of consoles is coming, but likely 2-3 years out (or so)
3) TES games are open-world RPGs (I know, duh, but I needed to state it since Crysis stuff keeps coming up, and without all the rpg aspects tying up the system in the background anything could look crazy amazing)
So, I started looking at other developers and other games that are announced for release or in development for the current generation of consoles to get an idea of where some of the last pretty rpg games for this current generation of consoles were at; mainly to see if TESV was at the very least as pretty as these, whether I would be okay with it etc. I also couldn't very well look to games like Fable III for comparison because they aren't really similar in the open-world concept. There are pretty slim pickin's folks! What I did come across was Two Worlds 2. I never played the first one, and from everything I have heard/read/seen it was a pile of sasquach dung-- but the sequel gets me pretty excited for the possible "look" of TESV should it get released in this current generation of consoles.
Here is a link to check out from a preview where the review is also not a fan of the series original, but impressed with the sequel:
http://www.destructoid.com/two-worlds-ii-will-surprise-you-in-a-good-way-170656.phtml
So if we are going to be treated with TESV before the release if the next gen of consoles, would you be happy if this was the minimal graphical quality? This also is an open-world RPG, and while I am certain we can all agree that Bethesda adds much more depth to their games especially in regards to radiant AI and lore... I also get it that we all want the best story possible and graphics aren't as important, but they make an Elder Scrolls game special (since they have traditionally been near the bleeding edge of graphics when they release).
If you find other similar games with info on them (similar in that they are open-world rpg's due to be released on current gen) please let me know what you find so I can take a peek. This is the best looking that I could find so far.