If this is coming out for next generation Consoles that would mean the Elder Scrolls skipped an entire generation of Consoles. Not that I really care as a PC player, but that's still kind of wild to me.
These games deserve that kind of development time though. The longer the better. It's awesome to see Bethesda supporting VR in general (including the Rift, which recently got updated with official Fallout 4 support), because if their future games can get VR support at the start it will be all the better (and by that time the headsets will be even better).
VR was already a transcending addition for Skyrim that really added details to the game that i'm betting even the developers didn't envision when they were designing them. It's one thing to have some fish jump their way up rivers and waterfalls and press the A button to collect them, it's an entirely different thing to be able to literally crouch down in front of the rushing water and hold your hand out to catch them.
I've been watching the series evolve since Morrowind, and each step of the way has been unbelievably exciting to me (with some steps back of course). The biggest and best change they made in my opinion was always removing the random element to combat swings, because that cemented a certain aesthetic philosophy that the game world was something that was supposed to be tangible, and not something to be considered abstract.
They've continued to carry that forward, and even smaller details like allowing the game world to continue moving when talking to NPC's have allowed that much more believability, but I don't think any of them, not even fully voiced dialogue, compare to the removal of random combat swings and the addition of VR.
The game series will be almost unrecognizable from its origins by the next title, hopefully.
I'll talk to you guys in 5 years.