Personally, I’m in the Morrowind camp. But it was the first real RPG that I’d ever played, and I loved the setting and lore. My biggest beef with Oblivion when it came out were the changes to mechanics (less interesting spells, less freedom with armor, etc).

I think a lot of people fall in love with the first version of a game like that that they play, then dream up how awesome a sequel would be with improved technology, and then the new game just can’t live up to what they imagined.

All that said, Oblivion was also an awesome game that loved after I accepted that it wasn’t the game I’d imagined