All through beta I was getting 5 second total graphical freezes every so often, sometimes multiple ones per minute especially in crowded areas like cities.
Admittedly I don't have the most modern computer setup:
Intel(R) Core(TM)2 CPU 6700 @ 2.66GHz (2 CPUs), ~2.7GHz
4 GB
GeForce GTX 260 (Driver Date/Size: 3/4/2014)
What is posted below was posted before here and on other fan sites, this is more confirming it was "mostly" a solution for me and maybe to help the Devs take a look at why keeping the launcher open is such a problem for some.
*** CLOSE THE ESO LAUNCHER **
That was the single biggest help for me, on High graphic settings closing the launcher cut the occurrence at least in half, then:
*** Lower GFX to Medium ***
Once I lowered to medium I do not get the issue at all. I do occasionally still get graphic hiccups where the hard drive starts to go crazy but instead of 5 second freezes its more like 0.1 second hitches.
Hope that helps some others.