Yes, it's just what it sounds like, an online elder scrolls!! Here is a great video where they discuss many things about the game as well as game play. It's planned to be released around spring 2014.
[video=youtube;YlEipFtHw7o]http://www.youtube.com/watch?v=YlEipFtHw7o[/video]
[video=youtube;YlEipFtHw7o]http://www.youtube.com/watch?v=YlEipFtHw7o[/video]