I have been checking the UESP daily for at least a month now for news. I Have been discussing with my friends about how they NEED to announce this game and we've been conversing on the rumors and such. I even said earlier today with some friends (seriously): "I think they might announce something tonight since Spike's VGA's are on." And I am so glad I was right! I've been speculating that it'd be Skyrim, too. So pumped!
Judging by the EPIC classic theme at the end of the teaser, I suspect that Jeremy Soule is still the composer for the games soundtracks. I really hope so!! His TES IV OST on my computer has over 500 COMPLETE play-throughs per song. That's over 13,000 total song plays! It's actually on right now...

I have over 400 hours of game-play on ONE character in Oblivion for 360, with a few others with at least 100. I know SO much about the lore and have played Morrowind, Daggerfall, and Arena. I have the PC version as well and have played with and without mods.
This trailer is completely epic and it gives me GREAT hopes for 2011's GOTY. If the soundtrack is similar, and the magic and awesomeness is similar and everything, just better and MORE, then I will be playing for YEARS to come. Again, SO PUMPED.
I have watched the trailer so many times I cannot even count.
Bethesda<3