Todd Howard says this from 1:05-1:30:
"We're [b]working on something have been for a while[/b] and [b]it's gonna be a little while before we talk about it[/b], because we want to surprise everybody. You know make that moment where we talk about it special for everybody we're still tinkering. The stuff we're able to do now on the PC and [b]next gen[/b], all that memory, we're [b]very excited[/b] about the opportunities."
This interview took place on the 16th of May 2014 at the Deutscher Computerspielpreis 2014.
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I don't think mp would be a good idea, Fallout is more of a sp based game and I think Bethesda spending there time trying to get mp right could make them spend less time on sp which could make it feel unfinished, but coop could be awesome if they get it right.