I bet there would be some lore [censored] if that happened. The other studio should painstakingly try to learn everything from Nirn.
Considering that Bethesda has trouble keeping the lore consistent between games, I think it's safe to say that any other company would have a few screwups here and there.
I think I would only really accept an outside company making the game if that outside company was Bioware. But if they did, I'd rather they did another Elder Scrolls Adventure, instead of TESV or VI. Their strength is writing, and it is easiest to write a story, if you at least have a predefined character (like Cyrus).
On the other hand, most Bioware games I've played do let you create your own character, granted, sometimes they sacrifice options for the sake of the story (In Mass Effect though you could choose your first name, your last name was always the same, for example, and in KOTOR, no matter who your character was you would always be
.) Certainly, Bioware style games can work with a character you create yourself, but games like the Elder Scrolls has always been are not really the best kind of games for great storytelling. In general, the more freedom a game offers, the harder it is to tell a good story. This doesn't mean freedom isn't a good thing, of course, as with a bit of extra freedom you can have the option to influence the story in certain ways, leading to more replay value, if a game offers absolutely no freedom, the story may be good, but every time you play it's always the same, so you might only want to play it once, if there is more freedom, you'll want to experiment with a number of different options.
Whatever the case, while I like all the games I've played from Bioware, I'm not sure what the Elder Scrolls would become in their hands, they might be able to create a good game, but my doubts are in if it would really be the game I want the Elder Scrolls to be. Would it offer what makes me like the series? Or would it just be something else inserted into the Elder Scrolls world? I wouldn't immediately denounce any Elder Scrolls game made by another developer, but I would have a few doubts about it. Though, if it did happen, it should defaintely be a spinoff like New Vegas, and in the case of New Vegas, Fallout wasn't originally Bethesda's series to begin with, so the situation is slightly different from letting someone else make a game in their own franchise.
Whatever TES V is like, there will always be harsh critics like the ones who slagged off Oblivion. I will just enjoy it ;D
I think that goes for pretty much any series that becomes popular, games that no one likes are generally just criticized for a bit and then forgotten, or if they are remembered, they're usually only brought up if a discussion of bad games comes up or to make fun of them, games that are popular on the other hand are the ones that are really burned by those who are not fully satisfied with them. So when you think about it, if people keep flaming your game it may not necessarily be a bad thing, it means people care about it.
In any case, this is a hard question to answer, as no other company has made an Elder Scrolls game, and while other companies have made RPGs which promise a large amount of freedom, none of these are quite the same as the Elder Scrolls, so could another developer pull it off? It's hard to say. On the one hand, it might allow us to say another developer's take on the Elder Scrolls series which is just as appealing as what Bethesda has done with it, and could allow the series to benefit from the strengths of another company, it would also allow said other developer to make the game while Bethesda could focus on other products. On the other hand, said other company might take their own direction