Seriously, it'd save us from the constant "Will it be today?" stuff. because we'd know it wouldn't be until "that day."
Also, for the Xbox 720 thing, that would just be stupid. Someone already brought up that Oblivion was horribly optimized and that with a bit of work it would be VERY easy to make a graphical leap on this console generation thanks to software. So go with that, not to mention a lot of people simply don't have the money for a new console or upgraded PC, and it makes waiting for the next gen stuff a very bad move.
Well here's something to speculate on.
We know that Beth is VERY comfortable developing with the Gamebryo engine by now (and IIRC Netimmerse was it's precursor...have to verify that)
SINCE the release of oblivion and right about the time Fallout 3 was in end-production development or had just been released Gamebryo had been adding compatibility to it's engine.
things like Morpheme (for realistic animations) LightSpeed (Crazygood dev tools for quick realtime implementation of assets) Umbra (do I even NEED to mention this one? Occlusion culling middleware that would dramatically increase performance, also allowing for more assets present in the gameworld) the list goes on.....
I can DEFINITELY see why Beth is redoing their basic tech to make the most of the Engine they develop on the best.
SOO...all these things used= a much advanced game on the SAME hardware without the devs having to learn a new engine.
Bright things in the future, my friends...
also, this is interesting http://www.emergent.net/About/Calendar/E3-2009/ showing off the latest that they can do.......hmn...let's ponder on that one a bit.
Continue speculating