If it works well, use it. Did anyone play Dragon Age Origins, and say "OMG the mechanics are so similar to Mass Effect,it doesn't feel like a fantasy game"? Don't think so.
Replace Origins with Dragon Age II.. and probably?
Anyway, Fallout 3 had a lot more Morrowind in it than it had Oblivion, in terms of feel, which is why I'm totally all up in this whole "It sounds too much like Fallout" stuff. That should be the approach they take to creating the world again, focusing on details, and making everything weird, but believable. If people actually knew as much as they thought they did about Elder Scrolls, they'd even know that "Radscorpions" aren't even out-of-place in an Elder Scrolls game, since Horse-sized Scorpions are native to the vast deserts of Hammerfell.
Anyway, digressing a little bit, the core of The Elder Scrolls is there. The Lore that ties the world together, the "Learn by doing" approach to character progression, and a fully realized world to explore.
And riding of Gurkog's comment, absolutely. That's one thing I've really been pushing for. If Bethesda really wants more "Visceral" combat, they've got to nail, at the very least, the distinct feel of each weapon type, if not every individual weapon itself. You know, a Dwemer Axe and Glass Axe may not seem all that different, but in terms of feel, the Dwemer would be "Heavier" (Slower, use more stamina, but stagger opponents more and have greater durability) and the Glass Axe would be "Lighter" (Quicker, degrades quickly, bonus chance to critical, lower stagger rate).