Pretty much.
I am a huge ES fan and played this but would rather forget it. It doesn't feel like ES at all. What makes ES so great in my opinion is the feeling of being this lone adventurer on some massive quest.
Making an MMO out of that just floods it with people who get so scientific about the game it ruins it. What I mean by that is, it becomes less about playing a great game and more about how the farm the best stuff so you can level up the quickest so you can craft the best things to do more damage... blah blah blah. It's no fun. MMO's are basically giant math equations with graphics. It's not a fun adventure.
/rant.