Say goodbye to your life...
From the off, the graphics are excellent. The textures are well detailed, the environments are beautiful (walking through the forest with details maxed out is an experience not to be missed). The character models are a definite improvement over the previous titles, though some of the NPCs are still a little blocky.
Unlike Morrowind, you get a little more help in the beginning, so newcomers will be able to get into the game a little more easily than before, rather than just being dumped into the world.
So far combat is good and meaty, magic looks great and the sound is spot on.
The world looks huge, gonna be a long time before I've seen everything this one has to offer!