It is an MMO and Elder scrolls all in one. If you are going to have fun multiplayer capabilities you have to sacrifice some things that are unique to the single player Elder Scrolls games.

I have been playing it the past week (PC) and I really enjoy it. It includes a wealth of lore and many references and quest that correspond very well to the Elder Scrolls games. To me this is very much an Elder Scrolls game, I miss some features that would not be possible on multiplayer, but It is still very enjoyable, especially with friends.