I got the game and it seems to be throwing around names of characters and factions like you are already supposed to know what is going on and who is who, were these all explained in the previous Elder Scrolls games and would new comers to the series be lost?

Thanks.

The series has a consistant lore between games (esp with regards to deities), but Skyrim is 200 years after Oblivion, so shit has probably changed a whole bunch, just take it in as you go.

should we read the storyline of the previous games on wikipedia?

You don't need to know who is who or what is what. There are references to the world's history (much of which has been experienced via earlier Elder Scrolls games) but you're definitely not required to know it all. Heck, your character obviously doesn't. He/she responds to a lot of things with, "Who's that? What's that thing?"

Like reading or playing any Fantasy, let the world details wash over you and eventually you will absorb them by osmosis.

You don't need to know any of the lore or back-story. How much of that stuff you learn about is up to you. You could spend countless hours meticulously listening to dialogue and hunting down books to read, or you could spend those same hours doing whatever else you want, and not give a damn about the lore.

@kermoosh: I'd say it would be worth it to read the wiki articles if you think that the lore is something you could get deeply into. Otherwise, just play and see how you feel.

Part of the fun is the discovery, if the game continues the tradition of the previous ones it'll have the in game books from the previous games plus some new ones.