Who's excited for it? I'm not.

IMHO, taking an MMO and labeling it "Elder Scrolls: anything" is not doing the series justice. Great, you get to explore all of Tamriel in one open world setting with years of lore of a story that since now has been told through the books that you find. I don't wanna pay month-to-month just to get my dose of TES lore. I'm also not a fan of MMO's. Sure, Runescape was fun back in the day, but it wasn't trying to "be" anything other than a simple MMO. This is trying to "be" an Elder Scrolls game.

I'm sure it is going to encompass lore/questing/items/combat that makes TES games fun, but making it an MMO is going to remove the biggest portion of what makes TES great, and that's immersion. Until now, you've always been the unknown hero of little background that comes and does amazing things progressively through the game. Now, suddenly there are hundreds of the same all moshing around the same world.

What are everyone else's thoughts on this matter?

I tend to agree. But experience has left me more cyincal of MMOs than I am of most things in life (and I'm generally already off the scale). Seems like I've repeated the same pattern over and over, though:
1: Hey, that game takes place in a universe I already love!
2: Hey, my friends are playing it!
3: Hey let's give it a try!
And then I remember how bad the MMO formula really is.

I don't have any more hope for ESO than any other MMO. It's still going to be detached, latency-proof auto-attack combat, no matter how they dress it up. It's still going to be full of douchebags. It's still going to consist of 90% grind quests and 10% reward. It's still going to ask me to kill 10 rats. It's still going to need an internet connection. It'll still require me to play with other people to get the most out of it. It'll still require me to devote a LOT of time and effort just to keep up with the curve.

None of that is appealing. No amount of World or Lore or Story can change that. Dressing up an MMO is like putting a wing on a Corolla. It's still a Corolla, and I'd still rather walk.

I also agree that one of the biggest problems with the MMO formula is that you're playing a hero in a world populated entirely by heroes.

co-op TES. That's all they needed to do. They arrived too late to the MMO scene to really make money. TES isn't nearly as strong of a series as Star Wars, and we've seen the death of one SW MMO and the slow death march of another SW MMO developed by one of the best RPG studios on the planet. This reeked of cash-grab when the news first broke out, and I expect this to go F2P very shortly after launch.

Again, all they had to do was make co-op TES. I'd be more excited about that.

Hijacker wrote: Again, all they had to do was make co-op TES. I'd be more excited about that.

This. This x10000.