I'd go a step further and say DF was better than either. However, I'd give MW the nod over Oblivion. Now, if you are playing the pc and able to dl FCOM, that certainly makes it closer to DF. I like the lore, the skill sets etc. The first time King Lysandus(sp?) moaned in DF, at night, I nearly jumped out of my skin. There were other moments like that in DF, that you lose wtih O and to a lesser degree with MW. The music in DF was awful, much better in O and the graphics were obviously better in O as well. However, the story, the water was interesting, the challenge of actually going out and finding stuff...hated the compass. I'm just concerned that they are taking the series in the wrong direction. Hopefully I'm wrong. They could learn something from Bioware, IMHO.
I find Oblivion far closer to Daggerfall than Morrowind is to Daggerfall. Key features with Daggerfall was randomness, most things like monsters / npc in dungeons, loot, shop content and quests was random, all of this except quests was level scaled.
Yes level scaling in Daggerfall was better than in Oblivion as it had a wider range of enemies; you had a small chance of running into a daedra lord at pretty low level.
Key word for Morrowind was hand placed; only monsters and loots in containers was level scaled, outside some locations enemies did not respawn.
Landscape in Oblivion was do a large degree generated by a procedure, yes roads locations and eyecandy was added for hand but most flower and threes are generated. In Daggerfall not only the landscape but also lots of town content and almost all dungeons was generated by procedures.
One feature I miss from Daggerfall is the random quests; I found that many of the quests in Morrowind could just as well be random like the first mage guild quests in Balmora, why not as for some random plants from a list instead of the same all the time. Overall quest quality in Oblivion is better but it has far fewer guild quests. Yes the quests would not be terrible exiting, typically like get me an item, kill somebody or perhaps a rescue at location in a list,
Use a list of quest and a list of fitting locations for them now add item or npc if needed.
Would be a easy way to boost the numbers of quests, now mix them with the good story based quests in Oblivion and you would get far more variation.