it would suck.
no skills, only levels. (bethesda's advtange removed)
extreme time to level up. (bethesda's advtange removed)
Bad grapphics. (bethesda's advtange removed)
boring classes/skills/spells, (skill design was never bethesda's strong point).
boring enemies, (enemy design was never bethesda's strong point)
it will end as a crap wow clone and die.
It's to my understanding that Bethesda Game Studios which is a subsidiary of Zenimax Media will not be responsible for the development of The Elder Scrolls Online. Bethesda Softworks which is also a subsidiary of Zenimax will publish the game but will have minimal if any say in the direction of the game's development which is being developed by Zenimax Online Studios, who have their own development team.
I look forward to the release of more information on the game. I didn't really share in the excitement when the game was announced though.