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Precisely. Mucking around in the Creation Kit (the renamed Construction Set) for a minute or two is a dead giveaway that it's mostly the same under the hood. The engine that powers Skyrim is ultimately the same engine that powered Morrowind back in 2001.
I'm surprised people didn't take Bethesda to task for the way they marketed their 'new engine'. When they were still hyping up Skyrim, they never said they altered the Gamebryo engine. They always made it sound like a brand new engine from the ground up.
Yeah, the vista's in Rage is still amazing, but what I wish that could be better, is the close up textures, like for example when you are in a room and look at furniture, like desk phones, stuff on a desk or a painting on the wall, the resolution is very crappy, looks like it belongs on a 10 year old game. Or am I perhaps doing something wrong?
Wolfenstein is much better though with detail on close up items.