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They've been in creative freefall ever since Morrowind - Skyrim, while not a terrible game, is but a shadow of what TES once was.
They've bought Fallout, managed to completely miss the feel and idea behind the orginals and eventually completely fucked it up.

But I have no worries for them - mass market will gobble up another dumbed down TES/Fallout, so what they set out to do (make shitload of money) is working quite good.