I'm not buying it really. Seems like the writer of the article likes to keep it extremely vague to the point of not really telling us anything we didn't already know. BGS is currently making a game, yes we know this, and the odds are that it is an Elder Scrolls game, at least I think so.
"there's some fantsy-ish words like Dragon Lord, something about Blades"
It looks to me like he's just trying to toss in words that might fit, and are vague enough that they will be seen when actual info comes from ESV, and then that might somehow validate the article.
It really reminds me of about two weeks before Legend Of Zelda: Skyward Sword was announced at E3 there was a rumor that emerged from some Japanese gaming magazine saying they found official doc's or something. But they went on to point out very many specific details about the game, and when the game was actually announced none of it was true. In fact everything was almost the exact opposite of what he said.
Another thing that gets me is when he says it's going to be a direct sequel to Oblivion. It almost reminds me of when people ask "When is Oblivion 2 coming out". One thing that I've noticed about Bethesda and the Elder Scrolls series is that they don't like to make +1 games or
direct sequels. I think it's going to be just as much of a sequel to Oblivion as Oblivion was to Morrowind. It takes place years after, and in a different area. More of a continuation of the series, rather than a sequel.