I personally don't see what's so great about Morrowind. Aside from a few creative architectural designs and several neat-looking creatures, I thought the world itself was pretty dull and not very aesthetically pleasing to look at (I have the same problem with Skyrim). But by far the worst thing about the game is its dreadful combat system, which in my opinion is flawed beyond measure. Whilst I agree with you that Oblivion's spellmaking system could've used some work (and I can't deny that some of Cyrodiil's citizens looked downright creepy), the guild quests were superior to Skyrim's on almost every level. In fact, pretty much every quest in Oblivion was more memorable and interesting, but that's just my two cents.