With Halo: Reach, StarCraft II, Golden Sun 3 and Fable III coming out this year, I'll have plenty to do. Add that to more Mass Effect 2 DLC to come in the future and the April 2011 release of Gears of War 3 and possibly a new TES novel, I think I'll manage. Hell, I'm still having fun with Morrowind and Oblivion even all these years later.
But, of course, I'd not be adverse to a confirmation of production, some concept art or something of the like. All in all, though, I'd rather have TES V in 2012 than have it released but lacking in 2010 or 2011. An announcement next year at GDC or E3 would be perfect.