In Morrowind, on my first play through I didn't get a decent full set of armor until I was atleast 10+ hours in. In Skyrim I had a full set of Iron Armor within my first half an hour of playing. I liked it in morrowind when I actually had to work for armor. Not only armor, but weapons and spells too. In morrowind I got my first healing spell around 12 hours in, and my first decent long sword 4 hours in. In skyrim I started out with a healing spell and got a an imperial sword in the beginning scene. It's just so unrealistic and annoying.
If you knew what you're doing you could get a full set of the best light armor realitively easy if you're a decent thief, there's a dead simple quest that can give you your choice daedric weapon at level 1. I really don't know what's realistic and annoying about getting the gear off of the enemies that you killed, Morrowind just liked to stick high level guys in crumby armor. The best medium armor is a single guard kill away from obtaining a full set. You can get some great arms and armor early in Skyrim but you have to work up your smithing to get them. I really like Morrowind, but the way it handled loot wasn't the most realistic and really it was such a pain to get what I wanted because the shops never carried anything good, except ghost gate but then again that armor's put out in the open, ready to be stolen.
I can't tell if anything has changed from Oblivion to Skyrim on this subject.
In Oblivion, eventually every bandit and marauder had the best equipment. Eliminating the value of lucky finds and exploration.
In Skyrim, you can just create all the best stuff with Smithing. Eliminating the value of lucky finds and exploration.
if you don't feel like grinding smithing, you still have a use for exploration and you do have to find enchanted items to learn the good enchantments, even if a merchant sells it, you need loot from the adventuring to buy it. sure you could do a binge of smithing and enchanting but the enemies would outpace you for not adventuring.