ESo (or any computer/xbox/heckevenwiiU game, really) is likely to be (somewhat) compatible with that line of tech, yes, at least to some extent.
But to actually be the 'immersive experience that Oculus rift can offer', you'd have to play in first person. And first person combat in ESO kinda sux. It's okay for goin' solo dungeons or maybe some base zones world bosses, But PvP and group dungeons are out of question.
...RP will be nice, tho'. so there's that.
If you want immersion like that with the Oculus, then Elite: Dangerous is the best game I've seen with compatibility. Granted it's a space sim though...

https://www.youtube.com/watch?v=Pg5T6403w0ogidorick wrote:Personally, I don't see it happening. Mostly because so many other LITTLE details that would need to be fixed if ZOS were to support have yet to be addressed in the past 2 years... like...
First Person Mount Riding. it would be really weird to zoom out while in VR mode... we're also missing First Person Shadows which would require full body awareness, which ESO doesn't have.
And the BIGGEST issue woudl be the lack of Mouse Freelook in First Person. Try this sometime... go in third person, start walking and use mouse-freelook and look around. Your character continues in the same direction it was going and your camera swivels around. Now go into first persona and do the same thing with the mouse freelook button.
WTF? Right? doesn't work the same! First person Mouse Freelook should keep your weapons still while your view looks around, like over your shoulder, but ESO's first person mouse freelook doesn't do that. It just acts as an alternate first person look-around that rubber bands your view back to it's initial orientation once you let go of mouse free-look. In otherwords... it's useless.
And, as you can tell by the links I posted above.... all of these things have been discussed and just about outright ignored by ZOS.