It won't be using the "Rage" Engine...
From IGN (via Kotaku):
Bethesda Game Director Todd Howard explained in a separate interview with IGN that his game would not use id Tech 5. The studio's new engine built for its upcoming title is more beneficial to creating huge, open-world games, such as Fallout 3 and The Elder Scrolls IV: Oblivion, while id Tech 5 is better for more contained environments.






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