true... but I would have to say Morrowind trumps it (lousy graphics aside) because you simply couldn't fast travel on a whim... besides the silt striders, if you wanted to get somewhere, you had better start walking. Fast travel pulls you away from where you are, it dosent emmerse you like you were in Morrowind.
Morrowind's graphics had been state of the art when it was released, no other game that I can think of could touch it. Skyrim on the other hand, while very pretty, has a lot of equally aesthetically pleasing competitors.
I like the atmosphere the best, at any given moment just stop and look at your still view. This is one of the few games that i've ever felt so pleased with the visuals of the world, even if it doesn't scale well at med distances and is a bit lacking at extremely close distances.