Yes, and Fallout 3 was announced 1 year and 2 months after Oblivion was released. Fallout 3 was released over 1 year and 2 months ago, so they are spending more time on ESV than Fallout 3.
Fallout New Vegas isn't coming out until this Fall.
Easily puts Elder Scrolls speculation into at least next Spring. They could throw out names now, start over and still have plenty of time since we're likely still at least a year out for a new Elder Scrolls. Based on their stated timing for Fallout stuff, I'd say Fall of 2011 is probably a likely release date.