I'm currently working on my new website and will be devoting time between finishing it and learning Unity. When I have completed the website I will work full-time on re-creating Valenwood and adding new models. I will create a place you can just walk around in and explore.
Unity 3D is currently free with only a few limitations, but even with those limitations it beats both the Morrowind and Oblivion engines and the TESCS. As I learn the program I will be creating tutorials and teaching others how to use it. Another plus here is that you can take models you have created for Unity 3D and place them in the next Elder Scrolls game, should Bethesda provide an editor, and you can also use them in the UDK (Unreal Development Kit), should your machine be powerful enough for them.
At least one person I know is re-creating Oblivion completely in Unity 3D, this YouTube user has links to the vids:
http://www.youtube.com/user/ImmortalKingAnmtn#p/u/13/rcSgfTA9ljc
More updates to come -
- Deathbliss