Here's an excerpt from an interview with a beta tester.
Q: How finished is/feels the game? Is there still a lot to do?
A: The game is in early beta. [color=#ffa500;]I’d guess we have 6 months of beta time remaining or more. [/color] Right now Daggerfall Covenant is what is being tested and for the most part things are really solid.
Now we had a significant revamp of the UI recently as well as animation rework and things like that. Overall the game is pretty solid considering how early we are in the process. Especially with how well the game performs even with 50+ players on screen or in cities etc.
There are some fairly minor issues with crashes and getting stuck loading at times as well as some quest bugs but overall the experience is excellent. ZOS thus far is doing a really good job thus far.
Some things that still need work? There could be a little more off the beaten path content (something they are working on and add every patch), some quests could use multiple rewards (something many on the beta forums have indicated they’d like to see) and there are obviously some balance things that need tweaks. Quest xp could use a slight bump on some of the quests and mob xp might need a slight nerf in groups or at least packs of mobs in dungeons might need a slight nerf.
Overall though things are fluid, well done and everything is solid. I’ve been in quite a few early alphas / early betas and TESO is really looking solid at this point.
I guess it could theoretically be out in time for the holidays? It explains why we're not really hearing anything.