I hope so. I have no doubt in Bethesda this time around due to the whole new engine which has nearly limitless possibilities with it. Personally I cannot wait.
It is really interesting how much people think that GameBryo affected the quality of the previous games, although both Morrowind and Oblivion were made over it, they had quite different quality in different aspects of the game.
Although my hopes and expectation are high for Skyrim, and I think that they have learned from their past mistakes, I know that very few problems from their past games are related to their choice of the "rendering engine: GameBryo", and most of them were bad design decisions, or the result of time constraints and unavailability of hardware to the later stages of the game development.
Morrowind for it's time was almost perfect, and had one of the best visuals for its time, using GameBryo, but some implementations like combat mechanism, and the like impaired it a little bit.
Oblivion had a lot of flaws, most of which were because of bad design decisions and trying new and radical ideas without predicting their impact on the game-play, and some problems because of time constraints and the fact that XBox 360 was not available until it was almost too late, and the fact that they wanted to implement a lot of new features with little resource at hand.
And my pet grief:
Complete voice acting with little resources at hand.
Again in the GameBryo's department, i.e. graphics, Oblivion was ahead of its time.
New rendering engine would help a lot, increasing level of detail, but would not magically correct all the problems of their past games, but better design decisions and more resources at hand would, and it seems that this time, we are lucky.
I like almost every aspect of their announced new features and the design decisions, and I think we will see another classic, that may even surpass Morrowind's unique experience, if they can deliver.