In regards to gathering and exploration, it certainly looks a lot like a proper Elder Scrolls game. They certainly seem to push the density of interactivity beyond what we're used to from the genre. Love that 'E'-looting/interacting is quickly becoming the industry standard for MMOs.
Still not quite sold on it however, really need to see what they've done with first person perspective gameplay (apparently the team has put some major effort into getting it right). I fear it just won't feel *simulated* enough, it facing all the MMO networking and synchronizing challenges and what not. Neverwinter certainly taught me that small touches like ragdoll physics add a lot in that regard, so I'm hopeful they'll approximate the feel of the real deal sufficiently.
Anyways - watch the Gathering and Exploration trailer. Go easy on the old girl.