Elder Scrolls V: Skyrim is finally revealed with a release date of 11-11-11. Game Informer has more details. I haven't been this happy since the Thor trailer at least.
A few new features of Oblivion:
-New Region, better graphics, more rugged and wild
-Bigger, badder mosters like Giants, Dragons, Frost Trolls, Mammoths, Saber-toothed Tigers,
-Bigger cities, Facelifts on characters and npcs, larger impact from player actions
-Civil war between Nordic factions in Skyrim, the original homeland of the human race,
-Dragons, dragon slaying consistently, and a dragon language that gives super powers to players.
-More brutal and streamlined combat with finishing moves, specialized combat for each weapon, duel wielding, and quick set swapping with the push of a button
-Organic leveling, better rewards for specializing, and perks each level
-leveling up to around 50 at least
-same races but no classes, you improve in what you use instead.
-Only three attributes, increase one of them each level: health, stamina, and magicka
-Involved and mystery littered storyline plus personal storyline based on player's gameplay
-Improved dungeons, ruins, etc.