Well, if Oblivion was given more consequential choices, depth, culture, etc., would that not be Oblivion done right?
Any game can have those. It's the combination of features that make a good game. The level scaling in Oblivion was just plain broken, the dialog flawed, the model quality dated, the animations absolutely dreadful, the character customization lower than I would have liked, the environments too repetitive, the list really goes on and on. If you simply add more culture and depth, you just have Dragon Age with more gameplay mechanics.
But you are not without merit. Oblivion could have benefited from more consequences, depth, and culture, but that is only one layer of possibilities. There are plenty of things that Oblivion did better than Morrowind, and a few things that it could have done better. For those remaining things, I just think it's better to do it as Oblivion should have, not necessarily as Morrowind did. If the two happen to be one and the same for a few things, then that's fine, but I don't think they should just change all features back into the way they worked in Morrowind for the sake of nostalgia. That's more like a step backwards, and we'll be complaining about the things they should do to improve Morrowind's features all over again.