Everything in Morrowind felt solid and compact. NPCs were built with very angular features, like Greek god statues. Interiors felt very cold, perhaps in part due to the reduced amount of ambient lighting usage compared to in Oblivion. I really liked this subdued, dreamy feeling. In Oblivion, buildings and NPCs seem so smushy and "inflated" compared to their rigid Morrowind counterparts. The bricks in fortress and city walls look like they're made of plastic or cake icing, whilst Morrowind's looked worn and smoothed after years of exposure to the elements. Whilst wearing armor, both the male and female characters in Oblivion have formless, almost tube-shaped bodies. The field of view must've been smaller in Oblivion or something, because everything felt bigger and closer to the screen. I'm hoping they do away with this in TES V and strive to make things look "edgier" again.
EDIT: The other issue I'm noticing is that, as with the Fallout games, everything in Skyrim still seems to have a bit of a warm ambient tint to it. The rocks in the screenshot of the giant, for example, would be far more believable if they had a bit more blue undertone to them and looked less like matte, uniformly-lit plastic.
Honestly, I can deal with some light bloom, I definitely CANT deal with the smooshy, blob people from Oblivion. Their faces were fat, and everyone just look like they needed to go to the gym. I'm happy to see that at least Skyrim has some DAMN good looking NPCs, except for their hair. Bethesda needs to get on that before release.