No point in remaking Morrowind, honestly - if compatibility and aesthetics are what you're after, the OpenMW project will hopefully help to ensure the game remains stable and playable for generations of computers to come. And when modded sufficiently, Morrowind can look very impressive, comparable to Oblivion and sometimes beyond that.
You have to consider that much of the fan love for Morrowind is from nostalgia, and remaking a game will just come off as a drain on Bethesda's production team as well as an uncanny valley sort of scenario between the original game's atmosphere and new technology. Let's just get Skyrim out the door already.