And then there's people like you who like to make baseless generalizations and assumptions. I've been with the series longer than just Oblivion and Skyrim, and I don't feel the franchise has been "cheapened", as you put it. In fact, I feel the series is bigger and better than it ever has been.
I highly doubt that statement was meant in truth, and here's why....
- Spellmaking is gone in Skyrim, which has existed since Arena.
- Your pool of available spells throughout the game has shrunk from around 60 in Morrowind to less than 25 in Skyrim.
- Mysticism, a whole school of magic dealing with mental and physical magic, is gone.
- The number of character skills has dropped from 27 in Morrowind to 18 in Skyrim.
- The side quests have degraded into mostly 'go here, collect this, come back' MMO style quests. (Seriously. That's the extent of the repeat forever quests that were boasted about.) In Morrowind, you could have quests where you had goals all over Vvardenfell and ones that didn't involve killing things, and even in Oblivion, a lot of quests had some measure of mystery to them.
- The intro to Skyrim is a direct rip-off of Modern Warfare's intro: Being taken to your execution in a vehicle. After that, you're pulled through a linear dungeon to learn how to play, whereas Oblivion let you decide very early how you wanted to play and identified a way you'd like to play. Morrowind did one better by setting up several quick quests early on.
- Stats are gone, which have existed since Arena again, and also helped make your PC unique. As such...
- The races are no longer unique as they were in Morrowind or Oblivion, or even Daggerfall.
- The area to explore has shrunk from 8 million square kilometers, to 65,000 square miles, and then to just under 16 square miles in Oblivion, and then less than 12 in Skyrim.
- Classes are gone, which removes the re-playability factor that comes with picking new classes for new characters.
- The Civil War sub-plot in Skyrim is a meaningless side issue because you're almost never shown ramifications of it. Whereas in Morrowind, you had the Dissident Priests/Tribunal Temple issue, where factions would hate you, and in Oblivion, you had the threat of the daedric invasions. The gates to Oblivion.
- The Perks system, rather than making things intuitive, breaks the usefulness of certain skills over it's knee.
- Many of the enhancements on armor are flat stat boosters, a-la fantasy MMOs. Wear this armor, your weapon skill goes up.
- Number of armor set pieces in Morrowind = 9. The number in Skyrim = 5.
- The dialogue system also took some hints from Fallout: New Vegas, to which some NPCs just rattle something to you instead of letting you talk to them.
This series has been getting streamlined since Morrowind, and not in a good way. Why else do people want to retain the old systems through mods more than adopt the newer systems into the older games?