Im sure this has already been asked, but will this support bump mapping?
Normal mapping, cone step mapping, soft shadow maps, ect. ect. with enough work it could look better than whatever TES V will look like.
Also, yay almost done with finals! Been poking my way around Ogre so hopefully I'll be able to actually work on stuff a week from now.
Finally @ Yacoby, how are models going to be handled off in the distance? Just loading them up would eat away at memory and performance far too quickly.