As a player race, they probably wouldn't be workable. We could have a few as NPCs though, like they did with the Kothringi.

The fate of the Snow Elves is pretty well established by Skyrim. The vast majority of their race found themselves so persecuted by the Nords that they agreed to serve the Dwemer in return for refuge. The Dwemer promptly took advantage of them and began to change them into the Falmer. These Falmer overwhelmed most remaining Snow Elf settlements, including the chantry of Auri-El. http://en.uesp.net/wiki/Skyrim:Knight-Paladin_Gelebor

The most pertinent part of Knight-Paladin Gelebor's speech is this:
"Who were your people?
"We were once a wealthy and prosperous society that occupied a portion of Skyrim. Unfortunately, we were constantly at war with the Nords who claimed the land as their ancestral home. We had always maintained an uneasy alliance with the underground-dwelling dwarves, and when faced with extinction we turned to them for help. Surprisingly, they agreed to protect us but demanded a terrible price... the blinding of our race. There were splinter groups that resisted the agreement, and even some that sought alternate alliances. But when it was all said and done, those elves were either slaughtered, vanished or gave up and took the dwarves' bargain." Asking what turned them into the Betrayed he says "I've often asked myself that very same question. The blinding of my race was supposedly accomplished with a toxin. Certainly not enough to devolve them into the sad and twisted beings they've become. The Chantry is quite isolated, so it took some time for word of the dwarves' offer to reach us here. By the time the compact had been completed, it was too late for us to even attempt to intervene." If you ask if that's why he has retained his sight, he'll answer "Correct. We only numbered perhaps a hundred at a time, so our presence remained a secret to the dwarves and the Nords. Ironically, our undoing came at the hands of our own people." Asking if he is referring to the Betrayed, he will tell you of how they overran the Chantry and took control of the Arch-Curate: "Yes. They swarmed the Chantry in vast numbers until we were completely overrun. We never really stood a chance. I assume that the Arch-Curate was corrupted by them when they found a way to breach the Inner Sanctum." If you inquire about other snow elves he says: "Vyrthur and myself are the only two snow elves that remain."

If ESO does include them, it will either fall in line with Gelebor's statements in the Dawnguard DLC or ZOS will be making up lore to fit in a cool race, just like they did when they let our characters return to Skuldafn without a dragon to fly us there.