Dragon Age has one, Fallout has one, why hasn't Elder Scrolls done one yet? Sure the character costumes and make up would have to be a high standard to be authentic (for High Elf, Dark Elf, Beast Races may be a bridge too far sadly) but it's a bit of fun to pass the 5 years 'til the next game no?

How do these things even come about anyway? Is it just a bunch of fans doing it or does it require official licensing?

There is a new series called "Ignotus" that has a new episode come out on the first of every month. Ep 3 comes out Jan 1

You can find the vids at http://www.youtube.com/fedorarepublic