Alright Morrowind was an alright game the story was decent, and some of the weapons were cool (like spears and crossbows), but overall it was pretty bland and boring with walls of text that killed your eyes. The combat system was horrible. But what scares me is all the demand that this game be more like Morrowind. Why? Morrowind was pretty unimpressive (I am not saying that it is bad, it is just nothing special). Oblivion was a lot better, the combat system was greatly improved and they actually got voice actors. Why the demand to base this game on a inferior game? The best things about MW they are not even bringing back (spears and crossbows), so does that mean they are just taking the bad parts? I am sorry but I fail to see how this game could benefit by being like a generic RPG. Oblivion had an enthralling landscape and an amazing story and the combat and voice acting blew me away compared to Morrowind. I do not see what would be appealing to either the fans or the developers about Morrowind especially in this day and age.
What your have to understand is that TES are open rpg. And the strong points of open rpg compared to normal RPG are not gameplay or mise-en-scene but universe-based immersion, background, exploration... And all these points were superior in morrowind (which does not mean that as a game oblivion is not better even if I don't think so). Oblivion voice-actoring was ridiculous as was the dialogue system. The morrowind approach (vocal greetings + wall of text) was not worse than the oblivion's one in term of immersion (at least for these few sentences, the lack of voice diversity didn't disturb) and was far superior in term of background. Morrowind also had the biggest quantity of new books (and in my opinion, a lot of the best ones). Oblivion is kind of a boring classic fairy tale with a nauseating light (yeah oblivion's light effects traumatize me for the rest of my life), big green lands (some were generated by computer, not even hand-made!!!). Oblivion was bigger but seem smaller (even with the mobility of my morrowind character improved) because of the monotonous geography coupled with the infinite sight. Oblivion dungeons were weak (not talking about difficulty), morrowind one's always had a nice story about them. The dungeons type of morrowind were far more interesting than the classic bad-tolkienesque ones in oblivion (well all that was geographic, cultural, animal or vegetal was more interesting in morrowind. The map of cyrodil with 9 big generic cities and few villages of 2 houses was also completely ridiculous).
And oblivion main quest svcks. Morrowind main quest ask the player to read and imagine a lot but is so much more intelligent and interesting for the average player (I'm talking about the one who doesn't know the entire TES lore by heart but is at least a minimum interested about the world in which he plays and is able to search by himself without having the game always holding his hand)
And on top of that, oblivion gameplay, supposed to be superior, was totally ruined by one of the worst level scaling of history. Should you play a generally peaceful character, the rats that you could kill in two hits at the beginning start being 5 times more resistant because most of the main skill of your character are non-fighting skills. On morrowind I even had a 100+ hours totally peaceful pilgrim who didn't kill a thing the whole time (until I cracked and made the rule a little easier for him ^^), impossible to play (or rather "uninteresting to play") in oblivion.
Compass+fast travel ruined exploration (morrowind already had enough mean of fast travel... Strider, mage guild, boats, alsmivi & divine intervention, mark & recall, portal index, tribunal ring... being able to use all these means of transport was the sign of an accomplished character by the way)
Oh and oblivion's UI was awful (for pc user) compared to morrowind's (or even any honest game on pc) And I'm not talking about everything (including possibilities of gameplay) that oblivion removed without even correcting the biggest flaws of the leveling system.
The only things I will remember about Oblivion are the thieves guild (the best piece of gameplay for me), the dark brotherhood (that was breathtaking), some really interesting sidequests, a totally amazing expansion, shivering isles, and the mods who made up for the numerous lacks (OOO comes first).
I think that's more than enough to make of oblivion an excellent game (well at least once modded for me). But there are reason to prefer skyrim to be between morrowind & oblivion rather than being even further from morrowind than oblivion, and good ones.