While I agree with people's claims that TES5 could possibly be smaller than previous games, you have to consider that they've had 2 years to plan this out, 6 months years of minimal development, and 2 more years of actual development. The game is probably already playable, just not full yet.
I have to agree entirely with this, heck I just finished my game deign degree and the final was to as a group create a video game, we build the engine and then add content so you could wander the maps but there was nothing but floor. I have to say they already have the quests written, they just need to copypasta them over to the quest items and prefect dialogue, etc.
I used to love The Elderscrolls. But 11.11.11 as the release date? Thats nearly 6 years after TES4 was released. IMO all that waiting for the next TES game to be released in Skyrim, is a huge dissappointment. No doubt the graphics will be great, and the engine spectacular; but how about we leave the fantasy "jar of mayonnaise". We've already been to High Rock, Cyrodil, and the boarder regions of Skyrim (Bruma, Solstheim). We know the feel. Nordic arcitecture, snow everywhere, draugrs... We have yet to truly play a game (ARENA aside) in Valenwood, Black Marsh, Elsweyr, or Summerset Isles. To end this, I cant say that Im surprised. When in the business of selling games, you have to make decisions that will generate the most revenue for your company. Skyrim would be a safer choice for bethesda seeingas how its average customer could play TES4 or TES5, look around and see alot of people who resemble themselves and feel somewhat at home. Whereas in Black Marsh for instance the plaer would mainly see an "enemy" race of "hostile" reptilians...
"jar of mayonnaise", had to think about that for a second...but I believe they are going to change something on us, like volcanic springs that heat up a lot of the area or something because the "jar of mayonnaise" would be boring to even create let alone play so expect to be surprised at what they come up with (maybe magical heating or something).
Edit: I also look forward to an eventuall Black Marsh game, see as even in the lore(http://www.imperial-library.info/content/pocket-guide-empire-third-edition-war-trees-argonia-and-black-marsh), it hasn't been fully explored by anyone but the Argonian and just as dangerous.