From the trailer alone, it looks fantastic.
Looking at Arkane Studios' history, they made Dark Messiah of Might and Magic, which was a reasonably good game, and apparently provided design assistance for BioShock 2. Their first game, Arx Fatalis, was also received pretty well, averaging around 80%.
So, it could work. Hopefully Bethesda's support will help them make the best game they've ever made.







