The only thing that concerns me is that Bethesda are one of those companies that can't get the little things right. The horse riding in Oblivion was worse than Mount&Blade's, which is made by a tiny Turkish developer. It's good to hear they're going to make a decent 3rd-person view. Their previous 3rd-person efforts have been laughable at best.
We've seen how Oblivion turned out compared with Morrowind when it was made with the Xbox in mind. The UI at the very least is likely to suffer, as Oblivion's UI was clearly built for consoles only. Look forward to relying on user mods to fix most things a PC user.
No level scaling is definitely a good thing, although there will be a few people who complain about the level 20 character cap.
It's sounding more like Fallivion at the moment, but we'll have to wait until late 2008 to see how it'll turn out.