I think it will probably be in a human civiliansation (High Rock, Hammer fell, etc.), but I'm hoping for Valenwood or Blackmarsh. Valenwood would be cool because they could rehash the plot of Thalmor being oppressive and Bosmer having to drive them out of their homeland. Plus I wanna live in huge trees. So cool. But I'm doubting they'll go that far outside the medieval human settlement thing they've got going. I know they went there with Morrowind, but I can't help but think they will just want to do Skyrim again.