But... it sort-of sounds good for the second time around, but the first time around you'd be on a constant clock and Bethesda would need to make tons of alternative endings... possibly ranging in the hundreds. I mean, if you don't decided to get involved until later, then X amount of things would happen compared to if you started immediately, and thus the game-world would have to reflect that. So let's say there are 20 parts to the main quest, and you start at 5, stop at 7, start again at 11, stop at 15, and never touch the main quest again they'd have to make an ending for that sequence. Compared to if you started at 1, stopped at 10, and started it again at 18.
Thats not really like an elder scrolls game though. The story should not be urgent until the middle when the player is doing quest after quest in the main story. Morrowind had it just about right. Nothing really started going until you got captivated into the main quest and intrigued to do more. The main problem in Morrowind did not reveal its self until later in the main quest, not the beginning. Oblivion slightly screwed up with this one but its all good.
It would be lame for there to be ANOTHER warp in the west. I say let there be many ways to complete quests but make the outcome the same for each one.
It could limit the devs with what they can do with the story. It was only in Oblivion that you were a nobody who got caught up in the mess. In arena (I forget the specifics) but I think your something to do with the emperor from the beginning, in Daggerfall you are an aid to the Emperor, in Morrowind the emperor recognises that you are (or can become) the one in the prophecies, in Oblivion you're in the wrong cell.
What I’m basically trying to say is that only a story where you start out as a nobody can this work. If the Emperor sends you on a vital and world saving quest he's not going to be too happy if you kick your heels around till your strong enough for someone to notice you.
Although, if they do go the "your nobody" route, this would be quite interesting.
Do you remember Uriel saying "You are the one from my dreams. Then the stars were right and this is the day." and "Perhaps the gods have placed you here so that we may meet. As for what you have done it does not matter; that is not what you will be remembered for."
You were somebody in Oblivion. Not just a guy in a cell.