The lore in it isn't as bad as people say. Most (most!) of the complaints can be put down to how terribly Zenimax initially represented itself, how little context we have to a lot of the information they do give us (y'know, a great deal of it makes more sense in context), and, at this point, the bandwagon of ESO-bashing. It's become so popular and commonplace to ESO-bash that people even do it when there's really nothing wrong. Zenimax can't even do something genuinely interesting and fitting without somebody complaining.
Now, somebody's going to roll in and give me a list of what they think of as the more genuine complaints, and I won't be able to dismiss all of them, because yes, the game does have some problems that are genuine, but honestly, I don't think that it does moreso than any other TES game. Oblivion and Skyrim — and Morrowind, if you played Daggerfall — all had lore problems, wherein they either:
A) Took a different but reasonable take on something
or
B) Outright fucked up
Just like any other TES game, ESO has a bit of both. The flimsy treatment of Cyrod's jungles, say. But we've learned to deal with stuff like that, and we know how to twist it around to our vision. Just like any other TES game, ESO has problems, but we can work with them.
Honestly, the biggest 'real' problems in ESO, from what I hear from the people who played in the more recent beta surges, are gameplay complaints. Too much level zoning, that kind of thing.