I hope they're not biting off more than they can chew. I mean, the scope of the whole project sounds bigger than Daggerfall, which means it's unlikely they'll finish on time and, when they do release something, there's a high chance it'll be lacking tons of features at launch.

massive, procedurally-generated world with plenty of variety in the environments and locales. Dungeons and cities are crafted to feel unique from one another, offering limitless options for layouts and aesthetics. The world itself is ever changing; cities can grow, deteriorate, or be entirely destroyed by war, and the sky, landscape, and flora change with the seasons.

Unless they're Dwarf Fortress level masters of procgen, I won't expect much more than typical single pass "random perlin terrain"