[spoiler]This is abbreviated because I lost my original version of this post yesterday...*Exasperated sigh.*[/spoiler]
All the praise it gets from people who played it when it came out is spot on, it really is that good.
There's more weapons and armor in the game.
More skills.
More cities, and the big ones are larger and open air.
There's no fast travel (outside taking an in-game travel service), which I understand would be a detriment to some, but I personally enjoy it for a change.
Skills feel even more meaningful for the most part.
Vvardenfell (the main location. I haven't gotten to dlc yet.) is visually genius and really cool.
And the Factions are fun to work your way up in. There's also about twice as many of them than in the two games after it. Joining one can inevitably force you not to join another, which is something I had thought would have been nice in Skyrim and Oblivion.
The skinny: Morrowind very good, go buy.
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I could not agree more. The sheer size and scope of the world, quests, gear, and secrets was enough to keep me playing for years. Also, the attention to little things, like how there are ash piles scattered around dwemer ruins as if to suggest the people were burned in and instant. It was a really cool touch in my mind.