personally, i think a lot of people are getting a bit ahead of themselves when it comes to making these comments. i keep hearing some (let's be honest) absolutely impossible requests when it comes to gaming capabilities. i mean, come on people, this aint fable we're talking about here. we cant expect the impossible, because we'll ultimately become our own undoing.
oblivion was actually pretty good for me when it came to combat and gameplay. a little more tweeking with it, spell usage, and the inventory system. then ill say its perfect. the only thing more i can expect and hope from bethesda is an overhaul on the environment and characters, as well as an epic new story line.
for story? i would have it that the provinces are at war. the empire is up for grabs after all. i say the story take place in the southern most part of the continent. the map would include the provinces of valenwood, elsweyr, black marsh, and a now war-torn southern tip of cyrodiil (from bravil down to leyawiin). when you think of it, you get so much variety from that set up. the elvish forests of valenwood. the combination of desert and jungle in elsweyr. the harsh swamps of black marsh.
as for the bad guy, i dunno about you, but ive had enough of beating an invincible daedra lord and saving the world. i mean, if the storyline was war-driven, you could be fighting an all new opponent, on a national scale. no "chosen one" bullshit. just you, and the province you choose to fight along side. im sorry but that just sounds so kick ass to me.