The reason the TES games are great is because you play a character that becomes renown or reviled and known by all. When you're playing cookie cutter Nord Warrior #37 while standing next to cookie cutter Nord Warrior #38 that doesn't happen.
That's the challenge of every MMO. WOW does it, and for all we know (right now) this one might do the same.
But I agree with jdrez: it's way too early to make any predictions right now.
WOW does it? For who? I played WoW multiple times over the years and never once did I feel like I was ever important in the overall scheme of the game universe. WoW is the biggest perpetrator of all. You can't have 10 million players and have them all be special. It's a logistic impossibility. So I must assume you either work for Blizzard's PR team or you're delusional.