I don't see the dragon fights being anywhere near as dynamic as people are hoping. I know they made a whole new engine, and I see that they've got a whole 6 guys that worked for 2 years on the dragons...but in the end I look at all the Bethesda developed games I've played (Daggerfall, Morrowind/Blood Moon/Tribunal, Oblivion, Fallout 3) and quickly realize I've never had a encounter than is even 1/5th as complex. I like much of what Bethesda does, but one thing I've never liked is the lack of emotion or gravitas at big moments in their games. I've pretty much always felt they fall very flat at what should be epic moments (and yet excell at the very benign phases of their games).
That said, I'm personally hoping these parts are scripted. I just don't think in game dragon fights will pan out as exciting or frightening or immersive; I think it more likely that they'll be wonky, with inadequate control methods, an dragon that clips through buildings/trees, and other curious bugs.
And I know people will read this and think "HATER". If that's what you see in this post, whatever, I'll live. But really I'm just honestly sharing what I expect from a game that I still intend to buy and expect to greatly enjoy. Dynamic in-engine dragon fights are something that I imagine more action oriented developers to pull off well. I've not played Assassin's Creed, but the animation I've see looks smooth enough that I've more confidence they could pull this off. TES has never been smooth and it's controls never tight and realistic. Then again who knows maybe those 6 guys working for 2 years will pull it off, I've just go reservations over it all.
I have to say, I do somewhat agree with you about the fact that Bethesda games end up being less exciting and stylistic in the big moments in both combat and story. However, I do also believe improvements were made in Oblivion, and I already see greatness in Skyrim's combat with the introduction of more realistic melee combat and the all important factor of
unique finishing moves. Those 2 features will propel the TES combat "slash, block, repeat" method into a whole new dimension. Sure I agree, I would love if Bethesda could take some cues from modern action games, specifically Assassins Creed, for the combat system in TES. I have and love all those games and the perfection of the action gameplay and combat is like no other melee game I've seen. Aside from that alone, I'd actually enjoy seeing improvements on horses, clothing, and character animation (perhaps cutscenes....) in Skyrim and future TES games that are easy to build from examples in AC.
As it stands, I'm not worried. I know the trailer was a perfect combo of choreographed/scripted gameplay and actual gameplay with special camera angles. They did well with it, and I can tell if they can produce anything close to that experience (obviously it will be in first person), then I will be fairly impressed with the game's combat.