I just picked the first one I could find. Here's a better one:
http://static.skyrim.nexusmods.com/downloads/images/711-2-1329322333.jpg
(Not trying to defame the work of Realistic Water, it's the best water mod we have right now but it's nothing compared to modded Morrowind IMHO)
Well your definition of better might be different to others, the Skyrim water certainly looks more realistic in those shots. Don't get me wrong, the Morrowind shot looks beautiful, something I would want to dive in to, but ponds of water in the wild dont look like that at all let alone rivers. It looks more like a crystal clear swimming pool. It would be nice to have the option of a more unrealistic, but visually "pretty" water though.
Personally I think that that Morrowind water looks more realistic, but you are right in a way. Remember that not much of Skyrim's graphics are realistic. Although the art style may not be as extravagant as, say, TF2, it still has a style to its graphics and not much of it could be considered realistic.