Or the lil' dinosaur run game from Google Chrome, but replace it with Khajiit and call it "Skooma Smuggler Run".

This is a pretty simple concept. ZOS should add some links to the loading screens so that players can view the latest news, announcements, art & media, patch notes, development posts, community posts, and their lore library (once they earn it, and after they have selected a character) while the loading screen churns away.
The menu shouldn't be intrusive so players can enjoy the art on the loading screens.
Selecting the menu should bring up the same information that can be found here:
http://www.elderscrollsonline.com/en-us/news/category/announcements
The Lore Library, once earned, should allow players to read the various lore looks they have found
Once loading has completed (including the loading of textures of other characters - doing away with silhouette-men), the Uroburos will stop spinning and change to an enter command and players are given the option to enter the game at their leisure.
Player's characters shouldn't enter the game until they initiate entrance. This would help with the issue of loading into death.
Anyway. That's about it. Give players something to do other than watch the spinning logo, twiddle their thumbs, or decide to play something else.
Other:
Capcom owns the rights to loading screen mini-games.
http://www.pixlbit.com/news/213/namco_bandai_owns_loading_screen_minigame_copyright