I'm actually not concerned. I think that the two properties have very distinct characters, and that they painted themselves into a kind of corner with Fallout, resulting in 4. The whole concept there is the bleak, desolate, post-apocalyptic world, so each game in the series has to have the same essential background and storyline. The updates, changes, and uniqueness have to come from the small touches, like settlements, and technological updates such as graphics. The Elder Scrolls is an entirely different ballgame, where every volume is set in a completely new, unexplored, yet-unmined-for-creativity environment. Except for starting as a prisoner, there's no boundary around the potential storylines either.
My only concern is if they try to continue with the moronic dialogue system, where every dialogue has to have a four-button response pattern. Otherwise, F4 is pretty good. Sure, it's good in a way that TES would NOT be good, but the Fallout world has constraints placed on it where TES has no such limitations.