This will fail, horribly. The entire overtone of the elder scrolls was that you and you alone were the chosen hero of the land, this is a difficult premise to maintain when you have a few thousand "Chosen Hero" it turns into less of an Epic MMO and more of a day at the job center.
As for a fallout MMO... for Gods sake let fallout rest in peace. We've already proven this generation cannot create a true and decent sequel to the original games, and even if they did, people who played the originals would refute it. Dont get me wrong I like FO3 as a Game, if they called it Generic Post-Apocalyptic RPG, it would have been brilliant, but it wasnt fallout, and somehow the Ron Pearlman Narration "War... War never changes... untill patch day" just wont feel as awesome.