Finally confirmed that an Elder Scrolls V is in the works (and nearing completion by the sounds of it).   Here is what I know:

• Set 200 years after Oblivion, in a snow realm north of Cyrodil called Skyrim. Set during a civil war, possibly between two brothers who will accidentally cause the world-destroying dragon Alduin to be born.
• Player is a Dragonborne, able to slay dragons and trained by the last living Blade. 
• Ten races to choose from, players can edit bodies as well as faces.
• Combat more dynamic with finishing moves, unique weapon attacks and the ability to forge your own from red hot metal. Dual wielding a possibility. 
• 18 skills to choose from, as well as Fallout-esque Perks
• NPCs more dynamic. They will move around as they talk to you, rather than have the camera zoom in for a headshot. If you drop items, they will react to them — for instance, a helpful child might try to pick up a dropped sword and return it to you, or two men could fight over your discarded loot.
• Quests can be randomly generated and are tailored to suit your style of play. The game judges your strengths and weaknesses by logging your data, and will give your appropriate challenges.
• Five "massive" cities that you can do many things in, such as smithing, farming, mining, woodcutting and cooking. Killing a shopkeep could lead to someone else taking the store over now, and Dragons may possibly launch attacks on towns.
• Five magic schools: Destruction, Alteration, Conjuration, Restoration and Illusion.
• The engine is entirely new, with dynamic snow and shadows, detailed trees, and water that flows differently depending on how the wind is blowing.
• Confirmed enemies are zombies, skeletons, trolls, giants, ice wraiths, giant spiders, dragons, wolves, horses Elk, mammoth and saber-toothed cats.
• Third person view has been improved. 
• Players can now sprint at the cost of stamina.
• BEARDS CONFIRMED! YOU CAN HAVE BEARDS!

Now I can look like me in game.  (except that I suck at building avatars)  go facial hair!

Only five schools of magic?   Boo.    I’ll need to rethink my custom “Prior” class.

First Skyrim screenshots and info from Game Informer [Badass Panda]

And it will be out this year (barring development delays).

On the fourth time this year all digits of the date will be 1  (unless you actually put the full year on your checks or something)

2011 is gonna be a great year in gaming.