Zenimax's secret project

I've recently started indulging myself in The Elder Scrolls IV: Oblivion: Game of the Year Edition again, and because of my thirst for nerdy, useless information, I usually read a game's wiki for stuff I may have glossed over.

However, when looking at UESPWiki, I noticed that the timeline for a new Elder Scrolls game indicated we're about due for another one. And, incidentally, ZeniMax Online Studios, formed in 2007, hasn't released a single thing.

So, according to a very reliable source, VG247 thinks it has figured out the new Elder Scrolls title will be an MMO. Hopefully, it won't destroy the wonderful sense of scale that comes with a solitary experience. There's a certain indescribable element to the Elder Scrolls titles, and Im not too sure how it would translate to an MMO.

What do you think? What would Bethesda/ZeniMax have to do in order to fully translate the word of TES games into an MMO format?