I'm one of those people that ranks Morrowind as one of the greatest games of all time but was disappointed by Oblivion. As a result, I expected Skyrim to be excellent, but still a bit disappointing compared to Morrowind. Almost 20 hours in however, and I am stunned. Skyrim is giving me a sense of wonder and awe that I have not felt since Morrowind. I honestly wasn't expecting this. I'm not saying Skyrim is perfect, far from it, but everything is coming together into an experience far better than Oblivion ever managed.
To other Morrowind veterans - how is Skyrim for you?
I don't put Morrowind in my 'all time greatest' list but I did like it very much at the time. Like you, I was disappointed with Oblivion and didn't play it very long at all. There was something about it that felt very flat to me and for some odd reason I found free-roam exploring boring.
But so far I'm liking Skyrim much better. Maybe the graphics give me more of a sense of grandeur, maybe it's the sense of it being a bit more of a mash-up of MW, Oblivion, and Fallout(game mechanics, not setting). I don't know. Yeah, the UI for PC is annoying & sometimes I'm not fond of the simplification of some of the game mechanics, but I'm getting used to it/doesn't bother me as much as it seems to bother some people, so I can ignore it. Skyrim's given me back some of that sense of exploration that Oblivion lacked...I want to see what's around the bend, on the other side, and over there, even if there's no reward other than the satisfaction of having done so. I wasn't expecting to be this impressed either. But it's nice that so far, at least, I am.

Plus, y'know....the dragons are pretty cool. Maybe over-hyped/rated, but still pretty nifty.