No, it doesn't...that's a ridicules claim. People were saying that about morrowind and oblivion, and oblivion blew a hole in the world of gaming. It'll match pc's maybe a year or two back. Bethesda is a next gen studio. They build the engine to last five years into the future so all their game will look amazing, then when the time is right they release Elder Scrolls flaunting their next engine around.
Out of curiosity, where does the term "next gen studio" come from and what does it mean? "Next gen" is always whatever generation is around the corner...it doesn't really mean anything, does it? I'm pretty sure it's just purty marketing words.
Anyway, at the end of the day the game is going to run on the current generation of consoles, which are on-par with high-end gaming PCs from around 5 years ago. A brand new engine will hopefully allow them to push things a little further than their previous Gamebryo-based game engines, but there's only so much they can do with the hardware they have to run the game on. It's possible that they'll create texture assets, model assets, etc. to allow some really amazing visuals to be unleashed for those with newer hardware, but I wouldn't count on it. For one thing, it's a bit more work, and outside of mod tools Bethesda hasn't exactly given the PC platform much special attention since Morrowind. I guess we'll have to wait and see.