They used the same engine as SWTOR in the testing phases, but they've already said they designed a custom engine for the game. Skyrim used a completely different engine. I'm sure the aesthetics will be nice and colorful as shown in the screenshots they released, but I wouldn't go as far as saying it will be "SKYRIM MMORPG!!!111one".

It's all speculation right now anyway, but the shit they have talked about with the combat engine, it seems like they're going with a GW2 meets Tera... Neverwinter's combat looks more appealing imo.