Gameplay is more important than graphics, but Oblivion/Morrowind style graphics are just too awful for me. I operate on two extremes. Either it's good 3D (Skyrim, Fallout 3/NV..) or it's in 2D (preferably isometric).
If Skyrim was in isometric 2D, hell yeah I would play it.
The graphical difference between Oblivion and Fallout 3/Skyrim isn't very big. Skyrim uses the same sort of technology with some additions that honestly don't look as good as they ought to by now. Skyrim even has some limitations Morrowind didn't have, which is why I could decorate my house in Morrowind with enough lights to look like a disco.
Gamers these days have an odd obsession with the tools used to create their games rather than the design of the games. Sometimes the dungeons in Skyrim look worse than parts of the dungeons in Daggerfall. It's all in the design, since obviously Daggerfall is very limited on the technical side.
And yes, I play Daggerfall. I'm more interested in game design than graphics most of the time. My favourite additions in Skyrim are the things that make the world more interesting to play in, like the rivers and waterfalls, more ingredients, etc.