This is still in the rumor mill, and comes from IGN, as credible a source on gaming as the Evangelical Church of Georgia is on Biology (The actually might have sourced it somewhere else, and posted it, I'll have to double check) But apparently design documents for TESV were leaked, or somehow obtained, indicating TES5 is going to be a direct Sequel to Oblivion (As in directly following the Oblivion Crisis and the now Emperor-less Tamrielic Empire).
Here's a linky-poo.
http://xbox360.ign.com/articles/113/1136356p1.html
Now, in magic-land assuming this currently baseless rumor is true, what are the thoughts? This is the first time an Elder Scrolls game has been a true Sequel, normally they are self-contained and aside from rare instances, totally unrelated to previous games in terms of events, writing and storytelling. For example, Nerervar is mentioned to have left to Akavir (For those who haven't played, Nerevar was the critical character in the resolution of the Dagoth Ur situation in TES:III Morrowind) but at the same time, there is no direct relation or follow-in from the Morrowind Story, to Oblivion's.
My personal thought is somewhat hopeful, as the chaos following the Emperor, and his only Heir(s) demise could be a powder keg of potential conflict. Everything from Political drama, to open civil War and succession of Provinces from the Tamrielic Empire, if there was ever direct-sequel material, with the the open-ended potential that is befitting an Elder scrolls game, the aftermath of the Oblivion Crisis certainly is prime storytelling real-estate.
My only worry is that it could take place in Cyrodiil again. Maybe Bethesda felt they did a disservice to the supposedly unrivaled beauty of the seat of power in the Empire, and want another shot at it. Or maybe we'll visit the ancestral seat of power of Tamriel, Skyrim instead? Who's to say. I just want some TES5 info NOW!
Derp, I didn't realize the same story was published elswhere, still, how about some info soon! New Vegas, despite being riddled with bugs, sold incredibly well apparently, so had to have funneled some money into the Zenimax/Bethesda coffers, and surely some of that found its way into the Publisher's flagship studio.
Im getting a feeling something is going to pop up, some time soon after new years.
I can't remember where, but I could have sworn I read somewhere that Bethesda Game Studios is revealing their current project at the VGA Awards ceremony. Or was that Bioware, I sometimes get the two big "B"s of RPG land confuzzled...