I am not currently playing it because I don't have a powerful enough computer (yet), but I did try it out when Tamriel Unlimited came out (that's the F2P side of the game).
It does look sweet, I mean, I only tested Morrowind, Oblivion and Skyrim, but I love it how they grouped races for instance (High Elves, Wood Elves and Kahjiit are on one Alliance, for instance), and also the fact that they voice acted each and every dialog! which is awesome for an MMO.
's the latest trailer, I got excited when I saw it, and can't wait for my new computer to be able to play it.