Oblivion made the mechanics a bit less clunky, which I appreciate, but Morrowind felt more like someone had an actual vision of a world that they were trying to realize. Oblivion felt like it had too many individual designers saying "oh this would be cool" without really trying hard to connect anything together into any sort of larger picture -- like, none of the player-joinable factions seem to give a damn about the Oblivion crisis at all. WTH?
The story was meh -- the story in Morrowind was meh too, but it was alright because they did their storytelling through worldbuilding, which makes sense since they focus on open-world roaming rather than linear action. FO3, while it was even better than Oblivion in the mechanical aspects of design, went even farther down the shallow, random, EPIC!1!, Michael Bay path. My personal preference is that they model TES5 after Morrowind and New Vegas (yeah, not their game, but still) and focus on a world populated by interesting/fleshed out characters, groups, and societies, and tie those all into a world that sort of seems like a functional place instead of the set and props for a high school play.
Well, yeah, sure. Like anybody here, MW or OB fans, wants V to be full of 2 dimensional uninteresting characters who repeat the same phrases while living in a story line no more complex than a few UPS missions.
I've stated before and will again speculate that MW was played only a small way through by most folks who bought it. It's for the hard core only and hard core is a sparse market. I haven't a clue to sales figures (anyone?) but I'd bet that OB vastly outsold MW simply because it was an accessible game playable by those who are interested but hardly hard core (like me). I had to start a few characters in OB before I got a workable one, but once I did, I got right in the mix. When I bought MW (after OB) it seemed to me that I had to wait hours and hours for any action to get going. I only got really immersed in one expansion pack. Bloodmoon where I felt I could understand what was going on.
I've been mildly flamed here for not 'getting it' when it comes to MW. I'm ok with that. I don't claim to be hard core so someone saying I'm not doesn't bother me. My point here is that Bethesda has to look for sales or why bother? Re-issuing a story as slow moving / starting and as complex as MW today will only assure poor sales but great acclaim from the hard core.
Personally speaking, I think Bethesda would be insane to trade sales for hard core acclaim. I will surely buy TESV upon issue, but like MW, if it's too slow or complex, I'll just shut it down before finishing and fail to recommend it to others.