Well with some people thinking that there is going to be an announcement in fall 2011, but dont you think thats a little extreme? I mean January 2011 is much more likely with a release date closer to holiday season 2011 (september-early december) or maybe January 2012. It makes more sense to release one of the most anticipated games in recent history in the holiday season instead of some other time where sales would be lower. And like a few people have stated before when the other novel is released they will probably announce TESV to hype the novel to have people learn what's led up to the game.
I don't think it's too extreme, personally. Todd said that they're ready to show it, and if Pete wanted them to announce it right now they would have a lot to show us, but for now they've decided not to. He also said that while an announcement could be soon, he didn't want to give a general idea as to when it would be announced as it could still change. To me that means it's still a few months off, but not as far off as early 2011. November or December 2010 seems right on the money, in my opinion.
I still think they'll announce the novel either with the announcement of the game or a short time after. It will definitely get more sales that way. But of course they may still want to announce it in time for the holiday season, so they may still announce it before the game, but if they do they should do it relatively soon.