Well, Oblivion was a great game (my favorite game ever). To make a game simply as good as Oblivion would be a feat.
This is reminding me a bit of the Fable charade from a few years ago. We heard how great this game would be, it would blow everything out of the water, and then it hit, and it was nothing special.
This game, if it worked out, would be perfect. Oblivion with multiplayer? Free online play (no monthly fee)? Something is not adding up.
Right now, I'm holding off on it, but awaiting the release anxiously. I'm hoping I'm wrong, and this is something special. If it is, it might be tempting to jump nad buy this instantly (though, I rarely buy full price games, and GTA4 and Halo 3 are screaming to be bought this year).
So, I'm waiting with my fingers crossed here.