No, I'm going to miss the magical feel of Morrowind. (I've been playing that alot lately) It's something that you won't understand until you play it. Seriously, play Morrowind. You'll find it more enjoyable than oblivion, and probably prefer Morrowind.
I'm thanking God every day that it wont have the same "feel" as Oblivion, because Oblivion was a watered down Morrowind to the max. I'm hoping they bring back the nitty gritty feel of Morrowind, and get rid of the western fantasy RPG care-bear feel of Oblivion.
"Good job! you hit the bucket with your arrow! Now go up to it and press space to pick it up"
"Good job! You picked up an arrow!"
"Good job! You found the key on a dead goblin!"
"Good job! You opened the door!"
I think you get the idea now.
Also, I don't think any game will be able to be better than Morrowind. Sorry, but it was just an awesome game (my favorite.) If it had modern graphics, and you had MCP and all the unofficial patches, I'd say it would be a perfect game.