If you remember this video.
http://www.youtube.com/watch?feature=player_detailpage&v=NVHF4w3dtlw#t=281s

Todd says this.
"Maybe we should wait for the next console cycle, because we're going to reboot Elder Scrolls."
then goes on about fitting in one more Elder Scrolls for current-gen.

You'd think Todd is just talking about how they "reboot" the Elder Scrolls for each entry, but listen to the tone of his voice when he says it.
Sounds like a long-term plan.

I would love an actual reboot of the Elder Scrolls, because honestly, right now the it's a mess. Lots of lore not making sense, etc.
Maybe actually making the world 1:1 scale only focusing on a small portion of a province.

If that was the case and the world would be as big as Skyrim, you wouldn't have much more than wilderness and a single city.