The game will feature new fighting mechanics (dual wield and torches as weapons), new graphics, and new spell systems, plus a new ability to speak magic cries while fighting with other weapons.The game will also feature a bounty overhaul, where bounty will only be citywide, and guards will no longer be psychic.
The Elder Scrolls: Skyrim is scheduled for release 11/11/11
I actually swiped this footage from Th3AngryGam3r over at Youtube, so give him props for the upload.