From what I've heard and seen Morrowind seemed like a really great game. If Skyrim brings content from Morrowind then it should work nicely.
My first Elders Scrolls game was Morrowind. It was one of those games that left an indelible mark on me. It was a beautiful, amazing, immersive game. It didn't hold your hand like Oblivion.
The game had a cumbersome combat system, but aside from that, I think it was brilliant, much better than oblivion. You had more freedom than oblivion. And, there was no fast travel. You
could travel quickly, but you had to use the in world systems, of which there were many. This made the game more realistic and immersive, imo. I remember having to think up the most efficient way to get across the map. You had your options. For example: Silt Striders (like the carriage in Skyrim) in many towns; Mages Guild portal network; Boats at port cities, and 'mark' and 'recall' spells (incredibly useful). On top of that there was a semi-secret ancient Dwemer portal network connecting the major Dwemer forts throughout the map. However, this was really a special achievement to use because you had to find all of the corresponding crystals scattered throughout the world.
Also, the game had levitation. you could go to Vivec city, give an offering to a shrine, a be granted levitation for 24 in game hours. It was really useful at early levels. And for better or worse, with custom spells you could create some god like abilities like jumping over mountains, and slow falling to land safely.
And one more thing: The was no scaled leveling, like in Oblivion. This meant that some areas were simply way too difficult for a low level player. it also meant you could find the strongest weapons and armor early on, if you knew where to look. For example. To get the strongest light armor in the game, one had to be able to open a 100 level lock, and of course know where it was. No item leveling.
The game had its flaws and it is quite dated. I think the combat system is much better in the later games. But Morrowind beats Oblivion in story and immersion.