If it is still using a updated version of the render and file format of gamebyro then:
Thank goodness !
Yeah I am not one of those random idiots who blame Gamebyro for Oblivion being unstable when so many other games use it. The problem was never with Gamebyro, its a good engine, the problem has always been how it was used.
Anyway, the reasion this is good news is it may make importing models into the engine much easier.
If Skyrim uses a compeltely new engine then it will have new file formats and not use the .nif format that Gamebyro uses. This could throw mod makers compeltely in the dark when it comes to importing models.
Anyway, only one more day to go.