So I saw Angry Joe video on it and I already saw problems.
1: AI just stand around waiting for you to get close enough before they start to fight. Or at least they did so in the start of the video. Not sure how they react later on but if enemies still does that every now and then it's bad.
2: Enemies drop the cookie cutter generic MMORPG loot.
Did though hear him say the voice acting and music was pretty good. But for Elder Scrolls game it's more of the gameplay we're looking at.
So lets start on the first point.
Enemies in Skyrim, Oblivion and other Elder scroll games actually have some sort of AI that will react if you're being spotted. They will attack in group for most of the time but there are times when only a part of them will attack you. Still they will alert others nearby.
So now, they've removed one of the biggest immersion in the game. Enemies reacting to you. Now it might not be perfect in Skyrim where you shoot someone in the head and he won't die but gives up on looking for you when you're fully cloaked again but that is more of a broken cloak mechanic imo.
2: Well don't expect to loot whatever weapon the enemy is carrying or whatever he wears. Just expect the normal type of MMO loot from a monster. It just ruins immersion because you can not take what he has. We've been able to do that in all Elder scrolls games before and they think it's a good idea to remove that part? I don't care if it's used more later on. It's the fact that I can't loot the sword from a skeleton because the game says so.
I would just pick Skyrim and buff it the hell up.
Here are just some fun things you could put in.
Allow players to take control of bandit camps and train their own bandits. Pillage caravans, kill random strangers for money or even take on a town. The way to take over it would be to challenge the leader of the bandit clan and win against him. Lose the fight and they will take everything of value from you. Making it quite the risk. Still someone could take that stuff back by raiding the camp or taking over it.
But if you're raiding too much the army will take up on the task to actually get rid of you. You could get a bounty on your head too and have players going after you. Either by joining your gang and backstab you among other fun stuff. Causing full on paranoia from leaders when they hire new people.
Towns are similar but need far more work. For example, if you're rich you could improve the town in several ways with your own money and gain their trust and then be elected in a town meeting a week down the line or so. You then get more option on what to do with the town. Or you could try to force your way to the top by killing the king and then rule the town. After that you could try to improve it in every way to get the peoples trust because you do better stuff than the previous leader did.
For the whole weapon and armor system I would honestly just do it like they did in Dark Souls. The game can't rely on on the system it has now as it would unbalance the hell out of it.
So there needs to be a balance in the weapons. As well as skills too. Sneaking needs to be reworked in some way to make it work. The only way I see is to make you blend in with the environment. Doesn't work outside during daytime either. At least not from the front.
Few other things. You can have as much money as you want but you can only keep it on you. Unless you can hide a chest good enough somewhere so that no one will find it and store it in there. But that could lead to someone finding it and taking all of it. Stealing from your own bandit camp or town would also be possible.
There would just be so much fun stuff you could do with Skyrim if you tried to make it to an MMORPG and it would be far more fun than Elder Scrolls online is at this moment.
I could go on and on about all the ideas I have but this topic would be far too long for that. Beside very few would read it. It's a pity they didn't bother to improve the game.