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According to Bethesda's Todd Howard who has on many occasions stated that Bethesda were originally going to wait for the next generation to release Skyrim but abandoned those plans as the consoles were still capable of a lot more.
In an interview with PSM3 magazine they asked him how long it would be in his opinion before we were to see the new wave of consoles being released and he said the following...
I think it's going to be a while still, I really do. I think consumers are happy with the current ones, there's a lot you can do with them. So I don't think it's coming next year or the year after. Conversations over moving the title to next-gen consoles were "very serious".
"We wanted [Skyrim] to be fresh. We don't want it to feel, visually or technically, 'Oh this is Fallout 3' or 'this is Oblivion' And if we couldn't do that we would have waited.
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