Making future games randomly generated would be a terrible idea. Daggerfall was big, and probably never could have been so big if it was not all randomly generated, but I'm not sure I'd actually say the size of this was a good thing. Let's face it, while the game was still good, the randomly generated locations (and worse,
quests, being able to have an endless supply of quests only sounds good before you realize that EVERY randomly generated quest is EXACTLY THE SAME THING, with only different locations, people, and items chosen to put in it.) Morrowind may have been smaller than Daggerfall, but I found exploring its world much more satisfactory, precisely because it wasn't randomly generated, so Bethesda could design each location with care and put in things that make them unique. I'd rather explore a smaller world that's interesting to explore than one that has far more places to explore, but I don't
want to explore them all because most of them are mind-numbingly dull. Never mind the bugs, it's a Bethesda game, those are inevitable, the biggest problem with Daggerfall was probably its reliance on randomly generated environments.
There have been instances where randomly generated environments DO work well, however, none of these games were named "The Elder Scrolls", I found Diablo's use of randomy generated environments alright, but in this case, my attention is on killing monsters and hopefully finding nice loot rather than exploring interesting locations. The civilization series tends to be able to randomly generate a map as well, however, since the map represents an entire world, it is obviously not nearly as detailed as the Elder Scrolls series.
How does one preclude the other? Dwarf Fortress has randomly generated terrain, climate, geomorphology (tectonic movement, rock layers, volcanism, erosion and so on), deities and pantheons, races, history (down to each single important person for several thousand years worth of it if you so choose) and a ton of other stuff, and it's not only consistent, but awesome.
Having not played it, I can't judge it, but I have my doubts on how "awesome" it can be, and even if that game does it well, that doesn't mean everyone who attempts it can, or that it would work well in the Elder Scrolls series. The Elder Scrolls puts much emphasis on exploration, so Bethesda needs to ensure that the locations are as unique and interesting as possible, and you can't do that if they're all randomly generated for you.
As much as I don't like using that argument but that could add a lot to replay value of the game since you'd actually have different content every time you start anew.
Calling that "replay value" is a little too optimistic I'd say. It isn't enough to ensure that replaying the game will offer a different experience (whether through giving the player choices that will actually change the gameplay experience, creating multiple endings to encourage players to play the game multiple times to see all of them, or take the lazy approach and just make everything randomly generated so that it seems like the world is different each time, though in reality the game just rearranged it randomly.) for a game to boast replay value, it needs to actually make players WANT to replay it. Otherwise, any attempts to create the illusion that the game has more content amount to nothing. Randomly generated content will not add reply value to a game that lacks it from the start.