I'm getting worried that this "unknown" project will not be an ES game, but instead be some other kind of brand new series; maybe a new RPG game or some new adventure game by Beth.
I'm not sure this would bother me too much -- Yes, we all love TES, but we also know that Beth's an awesome game developer, so they could make us another awesome series that we'd love just as much (?)... but I don't think this will happen. TES's still got a lot of potential, and I don't think we'll live to see the end of the series. No matter what happens, it will live on in our hearts and evolve through our construction kits.
But what
if the "other" project (not necessarily the first one) is another open world RPG? Would that just be a waste of time, since they've already got such a game series, or could it become the next big thing? Would it draw too much resources away from TES production? Would it take too much time to develop to be feasible (since they're starting from scratch - lore, gameworld, everything) ?
And most important of all: how much wood would a woodchuck chuck if a woodchuck could chuck wood?