As many times as I have completed Morrowind, House Telvanni is the only questline I've not gone through alongside with the mages guild, I'll give It a try in my next playthrough (Can't bring myself to play a magic-based character). The rest of the guilds in Morrowind were meh (which was an incredible improvement form Daggerfall's random guilds and random everything), and Oblivion's were similar if not for the quite good thieves guild and interesting design of the mages guild ranks (I loved getting to the Arcane University the first time). Skyrim's guild quests have kind of interesting storylines but lack a rank system and some more "mundane" quests (After the first two quests or so you feel like you're playing something similar to the MQ instead of running errands for the guild).
You should give it a try.
Well I still play a magic character in Skyrim, I just do not get as much enjoyment from it as I did in Morrowind and Oblivion because of spell creation.
I liked the Legion, Imperial Cult, Thieves Guild, Morag Tong, Mages Guild, and all three of the great houses. I agree the fighters guild was ok.
What I dislike about Oblivions and Skyrims ranking there is no requirements you have to have to advance in any of the guilds.
Some missions still boil down to fluffed up stealth quest, which is fine with me.