I believe the Bethesda comment was more along the lines of "we want to show the world that Japanese developers can compete with high budget graphically intensive Western RPG's, such as Bethesda.
Doesn't imply they are westernizing the game, just states a goal to be able to compete in terms of budget, scale, and technology.
Hopefully Nintendo gave them a blank check to let their imaginations go wild with!
I really like that Nintendo is using its financial muscle to fund some riskier projects, such as this, W101, and Bayonetta 2.
Plus if this has a high budget nintendo is much more likely to release it in the West in a timely manner to get the highest possible return on the investment.