Yes if it was the same game, same mechanics, but the bugs were fixed and they did an overhaul on the graphics....I dare say u would have yet again another best seller.
I would add better combat mechanics like combos and the like, some extra perks (or skills you gain automatically when you reach a certain skill level -like it was before Skyrim), Partly better animations...but that would be it. Possibly more diverse dialogue.
(Though I'm speaking from an pc angle, where the community already did an intense job to improve that game.)
Oh...and for gods sake keep out the effin markers (be it for quests or whatever). As Morrowind has no markers, the game is still kind of mysterious for me...and I didn't figure it out completely (e.g. the master trainer's locations).