Check out this thread at MMORPG.com, dude got a Paypal refund on the grounds the game is buggy as shit and features tons of exploits. There are others on there who got refunds through their credit card/bank.
I jumped on board and just got my $80 back I spent on the Imperial Edition, you have 45 days with Paypal. Just open a claim up and tell them why and within 12 hours you will have your money back, well I did anyway. Zenimax gave Paypal refunding power without having to get it approved through them.
PC Gamer's rejoice, it is a good day when you can get a refund on a broken product. On another note, I cancelled my sub a week ago and never got an exit survey to ask me why I did so and what they can do to improve the game. That is a fail on a all levels. Just got my account sub expired email today with my refund and still nothing.