As the title asks, does it?
For me, the answer is going to be no--not really. It's been rather lackluster for me. Let me explain why.
All of the quests are basic and the same--seal this portal, seal that portal, kill this Daedra, etc. These end results aren't the issue, it's the process of getting there that is not epic.
I have only had 2 epic encounters in this game so far (I am a V12 for the record):
Number 1: The first time I encountered a Titan. It was so badass and looked so cool. I felt like a true champion slaying that beast.
Number 2: An Aldmeri quest in Malabal Tor, in the first main city when you enter. You go on a ship and have to kill this giant sea serpent using fire balistas on the ship. While I think they could have done this better and made it more epic, it was definitely the coolest and most epic moment I've had outside of main story line quests.
The Molag Bal fight was a huge let down--it was like taking candy from a baby. I didn't feel like a hero killing him, I just felt like I was killing another Daedra spider or something.
World Bosses suck. They can hardly be called World Bosses...oh cool, they have a lot of HP and hit like trucks--they still look like regular NPCs. In my mind, WBs are supposed to be large, the encounter epic and unforgettable...they are not.
Even Dolmens are boring, they were cool the first time I did them but they are the exact same in every zone. Not epic at all.
Maybe it is just me, but I thought this game would have more epic encounters...just feels meh.