TESRenewal Project is basically about taking earlier Elder Scrolls titles and bringing them to newer engines. Three mods are under the control at the moment: Skywind, which puts Morrowind into Skyrim; Skyblivion, which puts Oblivion into Skyrim; and Morroblivion, which puts Morrowind into Oblivion. Morroblivion is already out in the wild, with the latest release dating back to November, 2014, but the other two are being worked on behind closed doors.
They have now released a small update teaser video (above) — less than two minutes long — that shows off various environments (and the assets in them). Obviously, at this point, Skyrim is fairly old. It was released almost five years ago, and it still runs on DirectX 9. It is still very popular though, and what we can see from the trailer looks at least as good as Bethesda's default content.
Skywind will be a non-commercial mod, although it will require both Skyrim, Morrowind, and their expansions (except Hearthfire) to play — even though it doesn't use any Morrowind assets. This may or may not be a Bethesda requirement; they tend to be quite restrictive with their copyrights and trademarks. (The Mod Workshop payment issue, the Scrolls trademark issue, and the Fallout-posters fan site trademark issue all jump to mind.)
Either way, it will be free if you own both titles, and it looks like an interesting total conversion.