The PVP in DAOC was epic, so if ESO has kept quite a bunch of the same genes, it will be interesting. We need more ambitious world pvp in MMO's. The Imperial City idea is exciting, but they MUST implement it cleverly to avoid WoW non-instanced battlegrounds multiple fiascos like Wintergrasp or Tol Barad.
Oh, and i'm SO annoyed by mmorpg's developers reluctance to add player housing, guild towns, in their games, this is a really bad and lazy trend since several years now. It was and remains a key feature of this genre for a lot players, and the expected size of the landmass + presence of big cities + the fact that solo ES (+ the tons of mods dedicated to that) already have houses (and all that comes with it) make this decision clearly disappointing.
We need a sandbox ESO with an intricate crafting system & economy, player houses & towns, a lot of community/social things + of course a huge continent to explore with tons of group quests & dungeons. A way to immerse yourself in the Elder Scrolls universe, live the daily occupations of an adventurer in such setting, with some friends.
And let the story-driven experience for offline titles.
It's the only valid policy Bethesda ! With this approach, you assure two different content, two manners of enjoying Elder Scrolls, you avoid the Blizzard situation where you take too much time releasing Warcraft 4 because you're worried about the impact on subscribers for your online world, you have more guarantees and leverage to ensure that both experiences will be awesome because they will focus on the core features that they are good at, etc, etc.
Don't milk what must be a MMORPG by adding solo-rpg elements to try to force the Skyrim-10millions-of-copies-sold thing on it. Don't postpone an offline ES because of a possible success of ESO.
My two cents :p