So Bethesda will only say something when they can show something that is amazing? Does that mean, TES V or what ever big game they are working on is CRAPPOLA? I don't think so. Bethesda just has to say TES V: blank, and we would all wet ourselves. That would be amazing enough for us, for 3-5 years. Just give us the title name.
Oh well, 3 more years to go ;p
What Bethesda wants is to show us something that will represent the game upon its release. It's not necessarilly poor in quality at the moment. It simply isn't finished. The reasons Bethesda don't want to announce something that they can't show for is that:
1. They don't want to misrepresent the game with descriptive words and ideas that later have to be cut for various reasons.
2. They don't want to increase the pressure and spotlight on themselves and the game until it's ready.
3. They don't want the game to be "overhyped" which just ruins the situation for everyone.
Until Bethesda is ready to advertise their new project, I would prefer that they don't talk about it. (Not to mention the heavy criticism that will hail forth from this board when even a screenshot is released or the setting is shown.)
Also, the above statement is the opinion this user and not neccessarilly the opinion of Bethesda employees.