Also, I'm sorry that it may look a bit bland/imposing, just a wall of text... Unfortunately I don't know what I can do about that; I don't think it's possible to post images directly... So please forgive me for the structure. Alright, let's get started then.
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http://i.imgur.com/FBhbc.jpg ~ Several things stand out here. Firstly, the lush green forest provides a stark contrast with the rest of the trailer, which primarily features craggy, barren mountains and caverns. It's nice to see these distinctly varied environments in the game. Also of note is the unique features here, including the broken head of an old statue (I wonder who it could be... A Daedric prince perhaps, or a great king from the past?). Also notable are the fallen trees, and the presence of small saplings on the right. These subtle touches help to make this forest more unique and lifelike. Oh, and look at the scope too. That buck is minuscule compared to the towering pines and even the head of the statue.
http://i.imgur.com/LAMMe.jpg ~ Fantastic light effects. Rather than the slightly bright windows of Oblivion, these interiors seem to emanate a glow that reaches out into the dark exterior. The fog/smoke effects are also gorgeous. And the structures look so wonderful. I hope we see intricately designed buildings like these all over the world. Notice the two women on the far right, and how small they are compared to that massive building behind them? Same goes for the night watchman on the left side. I'm glad to see a larger scope to the buildings and environments.
http://i.imgur.com/mAJQ0.jpg ~ Another example of fog/smoke, on a lighter scale. Also an example of a massive building, in this case it appears to be a chapel. Also notice those gargoyles — great detail there. I wonder if those are symbolic of anything to this town? I also really like the sky in this image. It looks like the aftermath of some sort of storm...
http://i.imgur.com/d9LjM.jpg ~ Lots going on here. First, we have the horse next to the porch. This doesn't confirm horseriding, as others have pointed out, but it's definitely a good sign. Also of interest is the man on the right, in the middle of chopping some wood. This looks like a nice new animation, and since woodcutting has been mentioned as a new activity, I assume the player can join this man if he/she felt so inclined. This wood presumably helps to fuel something in the mill. I can't wait to learn more about these operations, and how the player can contribute to them. Also, note the birds in the sky. I hope they can land and perch like birds in Red Dead Redemption. I also hope they have cries and that they can be killed with projectiles (or, dare I say it, Levitation).
http://i.imgur.com/G4aLM.jpg ~ Pretty much an extension of IMG #4... Again we have birds in the sky. My favorite part of this picture is the scope. As with a couple earlier images, we see just how massive this world is. The draw distance is wonderful for a 360. I personally cannot wait to go out to those buildings on that outcropping, and maybe try jumping off into the water below. Also note that there appears to be a ship in the harbor beyond the cliff. It's hard to tell for sure though...
http://i.imgur.com/AE21E.jpg ~ Fairly basic image here. I believe this may be a segment of the 7000 steps to High Hrothgar. If you look up on the mountain, you can see that the snow seems to be built up well. There appears to be a small drift on the right side, about 2/3 of the way up. I'm a bit concerned about the falling snow effects; it appears as though it is still movement-based... I really hope they fixed the precipitation so that it no longer falls through overhangs.
http://i.imgur.com/4mGPo.jpg ~ Sweet giant. I wonder whether we can loot his club? (If so I assume it'd be a two-handed weapon, maybe even only wieldable with a perk.) The sky again looks nice. Very clear and blue, with some wisps of cirrus clouds.
http://i.imgur.com/R72fa.jpg ~ Some nice animations here. Note the person on the right, leaning on a railing. I can't tell whether it's an old woman or just a person wearing a cowl... I saw in another thread that someone claimed it was an old woman, but personally I'm not so sure... (Anyone have any idea?) Also note the man with his right arm raised. I wonder if this is some sort of interaction, like a wave to the guard or something? (Several posters have corrected me here: the person in question is carrying something, probably a basket or a bundle of wood. Also, he is probably an elf judging by his ears. Thanks to those of you who pointed this out!) Also note that a couple of these buildings have signs outside, so they must be inns or shops. Check out the water to the left too. It's a bit hard to see, but personally I feel that it looks quite nice. Lastly, look at the player character. Cloth animations look improved; note the wrinkling and shading on the hood. Also note the satchel on his waist. I wonder whether that is an item itself, or if it's just there by default to serve as a visible inventory. Either way, I like it.
http://i.imgur.com/3Saz5.jpg ~ Some nice stuff here. First of all, I love the birch trees. The leaves and trunks look beautiful. Also, we have a view of sneak mode. I'm assuming that in the final game, we'll have some sort of indicator of the enemy's awareness... If you watch the clip, you'll see the animal (I think it's a buck?) raise its head as if it senses a presence... I don't know whether this is simply a coincidence, or an indicator of awareness, but if it's the latter then I really like it. There's a lot of discussion as to whether this is a man or a woman, and personally I really cannot tell... I can see how people are seeing a bosom, but also note that the "bosom" in question may be an illusion caused by whatever that is on the player's side... It's really impossible to know for sure. Also note the band on the player's right arm. Is that part of the torso armor, or is it a part of its own armor slot?
http://i.imgur.com/lk0CX.jpg ~ Bottom line here: Dragons are gnarly. That thing looks absolutely beastly. I cannot wait to try fighting one for myself. The teeth, the eyes, the horns, the scales, the wings, the size, the movements... Everything is just perfect. I also really like the blood spatter.
http://i.imgur.com/mcWKG.jpg ~ Our friend the troll. It looks so much more intimidating than the trolls in Oblivion. I always found them to be rather cartoonish. Here we have an example of a spell in the left hand, and a sword in the right. Battlemages are going to have their hands full choosing between shields, swords, spells, and staves. But with the right combinations, their power will be devastating. Also note the fort/ruin in the background. There appears to be a rickety staircase on the left side, over a pretty sharp drop. On the right, there is a stone bridge for people to enter the fort on a higher level. If my eyes are seeing that correctly, it's a pretty cool idea for a dungeon exterior.
http://i.imgur.com/o6L7t.jpg ~ Another image with a lot to address. Firstly, we have an example of a stealth kill. The animation looks great and the mere presence of this feature makes stealth much cooler IMO. It's unclear whether [a] the NPCs here simply don't see the player, or [b] only the target is oblivious, and the other NPCs simply don't care that the player is sneaking/killing. (Some people have suggested that the patrons simply haven't had enough time to react, which is very reasonable. Thanks guys) Also note the bard playing a lute. I wonder whether the player can request songs from him, or maybe even buy a lute himself... There's also a pretty nice-looking fire pit, with some great smoke effects. Note that the benches' shadows are all directed away from this main light source. Last, we have a couple of mer here. On the far right, there is a Dunmer barmaid, and in the chair, we have either a female mer of some sort. The sharper features are encouraging signs that mer will be a bit more distinct in appearance. I can't wait to get some higher quality looks at the mer.
http://i.imgur.com/Z02Ex.jpg ~ Here we have the player smashing a Draugr's head in the an axe. This shot is cut very quickly so it's hard to tell whether the head is simply knocked backwards, or completely decapitated. Either way, it's a nice physical reaction to an attack with that much force. All the armor in this picture looks great too. I'm not sure whether we'll be able to loot the Draugr's armor, but I sure hope so. The axe looks awesome too. I love the perk trees that Bethesda has added; this may be the first ES game where I specialize in a melee weapon other than swords. Oh, and note the hole in the ceiling. This appears to be a crumbling ruin of an old dungeon or chamber of some sort. So far we haven't seen two identical dungeon environments... In fact I don't think there are any two identical dungeon environments in the whole trailer, which is amazing news.
http://i.imgur.com/PokqE.jpg ~ Another shot of the player fighting a dragon. This just shows some more detail of the dragon's head, as well as the sheer size of the beast. Also check out the blood spatter still present on the player's upper torso.
http://i.imgur.com/rrYEf.jpg ~ The "before" shot of a spell being cast in a cavern. I love the color of that orb of light that preempts the spell itself. Also check out the water here. It's a bit hard to tell from just looking at screen captures, but the effects in this shot are fantastic. The babbling brook running through the cavern over rocks, and the cascading waterfall on the right. Both look phenomenal. Also note that there is some sort of glowing light source in the alcove at the far end of the cavern next to a chest. It's unclear what that light source is, but I expect the chest contains some nice loot.
http://i.imgur.com/942wA.jpg ~ The "after" shot of the same spell. I love flipping between these two pictures to see the light contrast. Look at the water, the sword, and the cave wall on the left. The way they light up is so natural and so vivid. If you watch this sequence in the trailer, you get to observe the path of the projectile as it shoots across the cavern. As the light source movies, shadows move. It's a beautiful shot. And again, just look at that water...
http://i.imgur.com/lgRP3.jpg ~ A nice action shot of a dual. The man on the left is in the middle of an attack, which looks completely awesome by the way, and the man on the right is defending himself. I love the stances of both men here; both seem to be using their full bodies in a believable manner. Both men have shadows as well, with a light source somewhere behind the "camera" — presumably the sun... Also observe what seems to be war paint on the defending figure. And note in the background the presence of some sort of barricade, presumably the wall of some sort of fort. Maybe the stronghold for a faction?
http://i.imgur.com/rtb3K.jpg ~ A hooded mage about to cast an explosive spell. The undead immediately on his left and right are wielding pretty cool two-handed swords. There is a defeated enemy on the ground to the right. At first I thought his leg was cut off, but looking closer, it appears that it's just angled directly at the camera but still intact. (Any opinions here?) I love the wall of vines behind that corpse, and the waterfall behind the player — even more unique dungeons.
http://i.imgur.com/omv5g.jpg ~ The player in what appears to be Elven armor, drawing his sword as he faces 3 (?) ice wraiths. Apparently these creatures can be damaged by physical weapons (perhaps only some weapons though, e.g. silver/daedric). The rock on the right is a bit concerning to me. The way it intersects with the ground is pretty odd, and it doesn't really look like the snow on its surface fell dynamically... Could just be the frame though or something... The ice wraiths looks great though, as do the armor and the distant peaks.
http://i.imgur.com/HL0Ss.jpg ~ I've seen a couple people complaining about the content of this picture. Personally I think it looks great. That wolf looks much more wild and ferocious than the wolves in Oblivion. I wonder if all wolves will be black, or if perhaps there will be gray wolves as well... More variety in enemy types is always a plus IMO. I can't tell what the glowing/smoking thing is at the top of the screen; after looking at each frame it's still difficult to make anything out up there. Also note that there is no crosshair. Again, I'm not sure whether it was removed specifically for the trailer, or whether this is a part of the plan to eliminate as much HUD as possible. I'm going to assume the former though... Also, check out the shadow. Looks pretty good, especially compared to Oblivion's shadowing...
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OK, I'm not quite done yet, but I need to be somewhere. I will finish these tonight. In the meantime, please post your own thoughts! I posed a few questions in my anolysis — things that may have been unclear, things that beg other questions, things that may suggest possible gameplay features and mechanics... I'd love to see what you guys think about my anolysis, and any responses you may have to those questions I posed. Or at least just let me know if you appreciate my efforts! Thanks for reading.