Noone has the talent to do it *on their own*. I do think though that if the mod community for Elder Scrolls was able to organise itself, there would be easily enough talent available to make a state of the art sandbox engine from scratch based on some modern graphics toolkit, provided that some kind of project management could be agreed on. That's a big proviso though. What Elder Scrolls provides is a very large base of lore and gameplay decisions that would probably be almost impossible to agree over a fragmented community - at least without a gaming equivalent of Linus Torvalds.

Hey and when you get it started - let me know will you! :)

With free use of Unreal engine (for free projects) and Source 2, there's never been a better time to look into it. I wouldn't be entirely surprised to see something like this come along.

It's not the lack of will guys. It's the sheer size of the task which makes those projects so unlikely to succeed… :(