Yeah, I just watched a 45 min vid of a dude running around Morrowind on a horse (vid is easy to find if you google for the torrent address.) The world seems massive, and the graphics looked pretty sharp and smooth as silk. The only load screens I saw were going into buildings - outdoor zone to zone didn't seem to have a load time. UI looks good, etc. Basically, it looks perfectly good from a graphics/atmosphere standpoint. If they deliver on the character advancement, and have decent pvp in Cyrodil, then it will be a win for me. I hope they show some pvp tomorrow, but I'm not holding my breath. I read a beta leak that said the beta is up to level 30 now, and Cyrodil isn't open for beta. I'm sure they have internal testing on it, though.
Edit: Also some new official footage here if you can tolerate the annoying british guys running the commentary.