I played it as recently as 2 years ago, and plan on playing it again someday. It's outdate in terms of graphics and some of the gameplay elements, but for an RPG it's kind of the holy grail. It does so many RPG things so well.
I love Skyrim, but I'm very disappointed still with what they removed/changed from previous games:
- regenerating health
I'm level 20 (almost 21) and playing on master difficulty with a bunch of restrictions and I have yet to even use a single healing potion. Regenerating health sucks.
- armor/weapon degradation
What an amazing element to remove from an RPG game. Now my swords and helmets last forever. Lame.
- alchemy stations
Removing the various alchemy tools and the various levels of those tools (novice, apprentice, etc) and replacing them with stationary alchemy stations was a horrible idea. I really miss being able to mix potions while I'm out and about traveling the land. Lame.
There are many other things that Morrowind did much better, but I don't want to go on a total rant since that's not what the OP was asking for. d;-)