i can't think of any action combat mmo or mmo with the viewpoint setup in the video which has good RvR or PvP.
im so biased against all pvp setups except the one i like.
the video looks ok to me. i wouldnt expect that engine and perspective to do much more.
what worries me is that the setup is just bad for PvP.
But i feel bethesda plans to add a lot more to the end product. PvP wise, gfx wise, entire experience-wise as well.
So I am not really taking this video as a meaningful yardstick except to say it may be the basic framework of the mmo.