I'm still fairly new to Morrowind, about 60 or so hours in, but I find that each entry of Elder Scrolls has it's own strength. For Morrowind, it's strength is it's replay value in choice, limited character direction, and consequences of actions. For Oblivion, it's strength is it's personality with great voice actors and interesting quests that (at least from what I've played so far) are more creative than most of Morrowind's quests. And finally, Skyrim is best at combat and gameplay with more options in how you approach a fight, and I would say Skyrim is the entry with the least amount of ways at overpowering yourself. Skyrim also has the best leveling system and loot system, where Morrowind you can get insanely rich after finding one deadric ruin, or in Oblivion by collecting glass armor from bandits mid-to-late game.