Eurogamer claims Elder Scrolls 5 is in the works, direct sequel to Oblivion.

[Arkaign]

Oblivion wasn't so much a downgrade as it was trading Morrowind's huge problems for a different set of huge problems. Oblivion's leveled loot reduced the value of exploring. Morrowind's crafted items being better then anything you could ever find did the same.

Agree 1000%. I hated the level-matched loot/enemies, and this is such a common complaint that I am almost certain they will fix that in ES5.

I liked Oblivion but I hope they do some stuff to fix the combat, it was soooo boring and easy, by the end of the game I was 1 or 2 hitting most guys and playing as a warrior was insanely boring, just swing and back up to dodge and repeat, I could get through a lot of fights without getting hit. It would have been nice to have some skills to use like charge or knockback or something, just having the different power attacks that randomly caused things to happen was not really that engaging.

They did have different attacks in Oblivion depending on how you used the controls, it wasn't random. I agree that it did get too easy for tank style characters, but the feel was great.

 

[Arglebargle]

Oblivion had all sorts of problems, in addition to not delivering on much of their hyped advances. In many cases you had to go to fan fixes to get past major problems. Morrowind had similiar issues, but I liked the ambience and exotica of it better than the retread fourth generation D&D mishmash background of Oblivion.

Given that some of the issues in Oblivion were found both back in Morrowind and forward in Fallout, I just don't expect Bethesda to deliver something that has fixed these. The trajectory of Elder Scrolls titles has been for further streamlining and dumbing down things, which I do expect to see from their next title. They are riding on the fact that they are an established 'big thing' now.

 

[Slew Foot]

As long as they get rid of the leveled loot and enemies the game should be fine. It's probably a moot point as it will release around the same time as diablo 3