Hrmm, actually played it for a while (yay for beating the worst of the line when expo hall opened). Combat is a lot more fun than it looked like watching from the outside. You have cool abilities that you unlock for your race or wpn or some other categories. There was a scorpion style "come here!" ability, a knock them on their backside and stun then for a while ability, and a few others available in the playthrough. 3rd person view is very solid whereas it always felt kind of shitty previously. While the quests feel a bit more MMOish it feels a lot more immersive than the standard MMO fare. The things they are asking you to do make sense from a plot perspective and still felt like Elder Scrolls rather than YetAnotherMMO_52.
Overall, the game just felt fun and the combat, while still not fabulous, is significantly better than it was previously. I'm still not sure what the "MMO" part of it brings to the table but everyone was just running around killing stuff at the Pax demo without any need for coordination so it was hard to judge that part.
For a quick comparison, both Wildstar and Elder Scrolls offered 25 minutes of playtime when playing but when trying Wildstar I got bored and left the first time after 10 minutes the first time and then again for 15 as Pax was closing and definitely noticed time passing. With Elder Scrolls the time flew by and I could have easily spent 5 hours playing before wanting to take a break.