This little bit posted on Ars Technica might help you decide what card to buy. For me, I'll play it for a bit on my 4870 still as I'm waiting for the 7000s to show up before I buy.
It's a texture-happy last-gen beast. It's not big on shaders (mostly post-processing and HDR lighting), it's big on textures. It'll fill 1.7 GB of VRAM without trying on "Ultra". "High" limits it to 1 GB.
The snow effects are done with animated meshes and animating textures. One small hut will have more vertices in it than the entire Imperial City of Oblivion. Texture detail is exquisite. It's the last generation taken to a dizzying extreme.
Underneath it all, though, there's a SM3.0 DX9.0c rendering engine not at all unlike the one you saw in Fallout: New Vegas. It's the same magnitude of upgrade that Fallout 3 made from Oblivion. Evolutionary, not revolutionary.
This means that all you really need is a lot of very fast VRAM. 128 bit buses need not apply. If you're not pushing 70 GB/s around the video card, you won't like playing on High at 1080p. If you can max out Oblivion and get 100 FPS, you'll get 60 FPS in Skyrim on High, not on Ultra.
Oh yeah, and they fixed the multithreading crap that plagued Oblivion and Fallout 3. It'll now peg four cores if you've got 'em without going all CTDish.
Animation, from what I've seen, remains a Bethesda weak point. Chip an enemy's health bar to zero and they'll flop down in the middle of a mighty sword swing as though the strings were cut on a puppet. It makes you feel like you're fighting robots and just waiting for the lucky hit which will knock the "off" button. AI is, again, something that in places you'll admire and in other places you'll wonder what the fuck is going on. You WILL turn an entire town hostile and have no idea why. On the other extreme, you'll return a worthless trinket to a random elven NPC and she'll be your faithful sla... companion until death. Most likely at your hands, given how often she'll run in the way of your arrows/spells/shouts. Given how easy it is to pick up faithful slav... friends, this is a game begging for a friendly fire toggle.
Physics is improved, but like with many other things Skyrim, has its caveats still. You won't brush past a table and wreck a house, but you will accidentally hit a giant corpse and send it into the stratosphere with a moderately weak spell. Townsfolk will comment on your littering when you do so, just the same as when you drop an item of clutter into the village square.
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