I emerged from the starter sequence at night, and I have to say I was definitely getting that Morrowind Bloodmoon nostalgia! Also, the voice acting is nice, Fallout quality for sure.
A couple things so far. The textures in places could use some work, but overall the impression is consistent, which is IMO the most important thing to work towards. Plus part of that reaction was based on my being absolutely disgusted by the view angle of the ASUS 27" LCD I just bought (and will be sending back.)
It would really be nice to be able to navigate the PC menus using the mouse. This is probably the most annoying and frustrating thing I have run into so far. It is counter-intuitive and wreaks of my arch nemesis console design. Having to use arrows or directional keys to move through menus on a PC is just BAD.
Other than that, I have not yet been able to figure out how to move the model for items in my inventory around yet. Right and left mouse dragging doesn't seem to work. I'm sure you can on PC, I just haven't figured it out.
Oh one last thing I really hope they fix. When creating a character, if you move the character model around to get a better angle on the features you are editing, the mouse will get "stuck" and you won't be able to send focus back to the sliders without clicking the next menu item (face, eyes, etc.) and going back to where you were. No big deal I guess, but a little obvious as far as console conversion oversights go.
Overall I am happy with the layout and "feel" of the game, and look forward to many more hours exploring.