It's 9 years old. The very fact that it looks good at all is a testament to the skill and talent of this community, but they're still not professionals being paid to create an amazing game. Why, even after all these years, the people at Bethesda still cannot release an optimized PC version is beyond me. The fact that they release their CK does not absolve them of the flaws in their games. They've been creating games like this for years, and they can see how much room there is for improvement by taking a glance at even a few of the mods being released.
Skyrim is rife with mod ideas from the previous games. Think about it - if you know Oblivion mods at all there are a lot in skyrim. But they are mostly gameplay mods.
People complain about textures and they have a right too - not to mention that the textures are hidden behind heavy tinting.
But ... to bring up morrowind and say that modded morrowind looks as good (it doesn't) or that it looks better the Chrysis - is just false. And that falsity is seen very very clearly when you do more with morrowind than take a scenic screenshot. You never seen you tube videos of epic fights or game engine feats with morrowind. There is a reason for it. Modded Morrowind is like a fabrege egg - pretty to look at, but don't play with it or it might break.
Everytime one of on the other side points out that it is thus - someone seems to always take this as bagging on modders. Not at all my intention ... because vanilla morrowind is much much worse. So to me it goes without saying that modders of morrowind did a great job.
It is unfortunate that XBox technology rules the market ... I wish it were not so, but it is. So in a years time Skyrim will look better - much better. Still there are limitations - it is not an fps.