If you think about it, if Bethesda ARE working on a new Elder Scrolls then they have done one HELL of a job keeping it quiet! Imagine all the people who have left the company over the development time or the developers going home of an evening and discussing their day with their wives, who then do the school drop off the next day and talk to other wives who then talk to their gaming husbands etc........ All this risk and we know NOTHING!!!
It is possible to keep a lid on things.
At (or just before) E3, we learned two things from MS: that project Natal was to be re-dubbed as Kinect, and that a new Xbox design with some specific hardware changes and a new case design was going to be released - and just 12 hours before the scheduled announcement, it got blown because of an AM/PM snafu in an Italian office. But work started on the new design Xbox two years ago - and with the exception of one blurry photo of a mid-fab mobo, nothing got out about it -- that is a pretty well kept secret that hundreds of people in several countries knew for around two years, and it only slipped at the last possible second. People at MS, similarly, knew the the Kinect name for months, and kept a lid on it.
Personally I'm surprised it is still possible to keep a big company secret these days, but it just goes to show.
SECOND POINT:
Everybody lower your expectations! I see people here expecting a trailer, a 2010 release, a great deal of info, and a great many other things that are unlikely. I hope with the rest of you that TES V breaks this week on the GI cover, but IF IT DOES, mark my words, the information revealed about it will be limited enough to be summed up in a single paragraph - and still subject to change, and we probably won't get more substantive information until Quakecon (and that will probably only be a vague CGI tease). Next year, at E3 2011, that is when a major non-teaser trailer will likely drop, and the game probably won't come out until holiday '11 or Q1 '12.
First things first, we just want them to confirm that work is in progress, and maybe some tiny details like platforms and a hint about the scenario - I would not hope for more than that before Quakecon at best.
If we are so lucky as to be confirmed in our theories about the GI cover, all we can count on, and indeed all we should reasonably expect, is public confirmation that the game is being worked on. Best put any other hopes on ice for the time being friends.