...5 years later and you're just asking yourself this question? :blink:
Morrowind is 8 years old, if you want a shiny new game, sure, play Oblivion.
But if you want a game that keeps you enthralled in the world for 8 years, immerses you in a gameworld that's believable, alive, and yet still foreign, along with great customization and more skills, then keep playing Morrowind. Because as far as gameplay goes, Morrowind>Oblivion.
Oblivion does some things better than Morrowind, like the sneaking system, the magic system, and the lockpicking system, and hell even melee combat is a little more entertaining than in Morrowind, but Oblivions combat system isn't based on dice rolls (lol) and it's just like a hack'n'slash game.
Overall, I'd rather play Morrowind.