We're still a long way from the release of Arena and Daggerfall.
It's been a long time since we've heard anything from OnceLost Games, which announced a "spiritual successor" to The Elder Scrolls: Arena and The Elder Scrolls II: Daggerfall way back in 2019. The studio's led by several key developers behind the Elder Scrolls series – Julian LeFay, Ted Peterson, and Vijay Lakshman.
All of them worked on programming and design for many of Bethesda's earliest games, including several Elder Scrolls titles and The Terminator: Future Shock. Julian LeFay served as project leader on Daggerfall, and Vijay Lakshman was Arena's lead designer and producer. The Wayward Realms certainly sounds closer to Daggerfall than Skyrim, boasting "one hundred realistically-scaled islands" that are rendered with "dynamic, procedural generation" – similar to the way the early Elder Scrolls games handled their huge worlds.
OnceLost describes The Wayward Realms as a "new class" of game that it's calling a "Grand RPG" – with a special focus on "choice, consequence, scope, and role-playing". The team encourages players to create character classes of their own, no matter how outlandish, with a virtual Game Master controlling the world and keeping things unpredictable.
https://twitter.com/OnceLostGames/status/1421871574823604237
It all sounds very exciting, but the one sour note is that which should be out sometime after Fable 4.