Morrowind is rather lacking graphically, but the atmosphere makes up for that. And when I played it after Oblivion, it got so dull that many times I had to push myself to finish it...but the reason I did that was because time and again there were these sudden surprises that made up for the hours of dull trudging.....I remember right after starting the game I'd gone North to the city of one of these houses, and on the way back I got lost in the sandstorm...I wasn't used to the combat then and was afraid I might run into some daedric creature......and it was an experience to remember.
Let's hope they make some progress with Morrowoblivion and Tamerial Rebuilt.

Far as I know the fifth game is set in Skyrim. And I hope they have fly-able dragons in it.