Ummm I tend to disagree a large RPG ala oblivion can't reasonably be done by one person. Take a look at here: http://www.spiderwebsoftware.com/

This is a sole person who has 6 RPG's out there- which by the way are larger in scoup than Oblivion and far more involved. The difference here is the graphics of course, and in Oblivion's case a lot of voice acting- but forgoing that needless eyecandy one could still duplicate the size and complexity of the quests and gameworld in 3DS minus all the wizbang shader and fancy high poly models and compromise with independant level of 3d graphics and get something out in 2 to 3 years. Not 40.

Personally I'd do a game closer to Daggerfall than Oblivion- as the later is true to the series whereas Oblivion was a massive dumbdown for the console crowd- in fact bring back the more mature and complex system of Arena or Daggerfall and you'd have a wide open market of old school hardcore RPG fans- which care more for that than simplistic eyecandy Oblivion. I'd also include interesting quests- something Bethseda has never done well.