Shivering Isles is our last big thing: it's our first and last expansion for Oblivion. Work pretty much started on Shivering Isles once Oblivion was done. We started looking at what we wanted to do, where we wanted to set it, all that stuff. It pretty much started last March." Rumor is that Bethesda has its hands full preparing the PS3 version of Oblivion as well as Fallout 3, so they'd like to move forward instead of continue to mess around with something that's already considered by many to be great. Oh well. Expect an Elder Scrolls V in a few years.