Bethesda's greatest boon is also it's greatest curse. The lore is absolutely fantastic, rivaling anything Forgotten Realms has ever thrown out, and yet to experience it you have to view the in-game books which is not in itself a bad thing, it's just that none of the lore particularly reflects on the game itself. Upon meeting Vehk, the smiling liar himself, you'd have no idea that this is the guy that's stopped moons by uttering one word, who has sent Daedric princes flying back into Oblivion with a flick of the wrist, the man who killed his own children and built cities on top of their bones. He's just a two-coloured guy who doesn't much care for clothing. Another obvious one is Mannimarco in Oblivion, which hardly needs mentioning because we all know how horrible that is (at least there's a lore explanation pointing to why he's so lacking). Another is Pelinal Whitestrake in Knights of the Nine.
Bethesda has done impact correctly, however. Let's take Almalexia or Hircine for example. You have to go through a hell of a mess to actually meet the people, especially in the case of Hircine. I mean in Skyrim, Alduin is one of the first things you see, and to someone who knows little to nothing about who Alduin IS, to them he's just another dragon and by three hours into the game they would have already killed ten dragons by that time.
It really irritates me when I see things like Bethesda saying that they're concentrating on a main story with no diverging plotlines to create a greater story, and then the story isn't driven home that well in the end anyway. Like I said earlier, the stories themselves are great, from Arena all the way through to Skyrim. But I can't help but feel that a few had actual impact. Redguard and Daggerfall being the main 2. In Morrowind you defeat Dagoth Ur, but the result from our perspective isn't that extaordinary. Brief monologue from Azura, no more ghostfence and so on. Bloodmoon had a nice ending if only because it left you satisfied. Lone mortal enters the Hunt, slaughters werewolves and an aspect of Hircine and walks out like he just came out of the saloon for a quick drink. Tribunal, too. At least without even reading the Sermons you could understand that Almalexia was a woman gone mad.
There are situations where I find the lack of knowledge given to the player quite charming, though. When heading through the ghostfence and Wulf gives you the lucky coin in Morrowind, the player just keeps walking on oblivious to the fact he just met one of the most powerful entities in the Mundus and beyond. Same thing happens in Skyrim with the Old Hroldan when asked to retrieve Hjalti's sword. Unless you'd read the Arcturian heresy or so on, you'd have no idea that you'd be holding the sword of Talos Stormcrown himself.
I have no idea if it's intentional or not on Bethesda's part to keep the two fanbases seperate: The ones who love TES for the lore and the ones who love TES simply because they get to hit people in the face with an axe. Obviously the latter don't want to be bothered with trying to figure out the Five Songs of King Wulfharth or a Love Letter from the Fifth Era when they're trying to punch things. But to me it seems impossible to really satisfy one while satisfying the other in terms of in-game narrative storytelling. I guess all I can do is hope for more books like the Mythic Dawn Commentaries.