Why not use all the stories of the gods Tamriel, and also use the politics of the other states. Huge wars, great wizards causing havoc, necromancers possibly taking over the mages guild. I' seems as though you didn't use the lore like it should have been used. What happens to Malacath, and the Orceum leader not beliving that Malacath is a real deadric prince, where is the visual conflict involved? How do the tours into the other provinces play out? Will Morrowind and Cyrodill go into an all out war? And who will win?

What kind of schemes go in in the dimensions beyond Tamriel, now that Muhnes Dagon is defeated, what happens to Oblivion? What happens to the dragons, will they decide to break from the shackles of Cyrodil? Will there be a power struggle after the heir of the empire gave his life? Will Manimarco come back, and how will he effect things? There are so many interesting things you guys could have done! Why not take all of the cliff hangers in this universe and mold it into something truly epic?

Or is this just a question that everyone around here asks, including when the next TES is even being developed.

That's actually not a bad idea. Although it should be posted in the ideas thread. So pretty much Tamriel goes into utter chaos and the character has to stop it?

Because then there would be no more cliff hangers. And a mish-mash of cliff hangers don't tend to meld well into "something epic."
Though excess conflict is always good. But I doubt they'll make it too visually large-scale, as game engines have difficulty displaying true epicness. Case in point being Oblivion's Battle of Bruma with 20 or so people.

This should probably go in the http://www.gamesas.com/bgsforums/index.php?showtopic=1044483 thread.