In my opinion, Skyrim is going to have elements from both Morrowind and Oblivion. Thats how sequels usually go. They take the bits they like the best, throw some new stuff into it, a heap-full of character building bugs and crashes, and make TES:V
Although, to be fair, i hope Skyrim will be a PC game, and not a console game. Sure, Mods will inevitabley arrive to change things, (and that makes me think Bethesda will aim more towards a console audience, because PC mods can change stuff, console users cant) but it would be nice to
feel like im playing a PC RPG. There are so few good ones around these days, it seems.