You will find many things are more awkward than in Oblivion. For example, when using alchemy, you have to drag your mortar and pestle to your character, rather than just click on it. Where Oblivion only showed you what ingredients shared effects with the first you select, Morrowind forces you to go through the entire list and manually pick out other ingredients with the same effects. Also, you can fail in your attempts to create potions, wasting the ingredients.
You have to use an additional keystroke to ready a spell before you can cast it (basically you switch between spellcasting mode, and regular combat mode). You can also fail in spellcasting. Plus, magicka does not regenerate automatically. You have to rest to get it back. Thankfully there are mods to fix the last thing.
I find the melee combat to be incredibly boring. You just stand there and click until you or the enemy is dead. Ranged combat is about the same as in Oblivion, although I have found that you do not have to adjust the height of your aim for distance as you do in Oblivion. Also arrows have a tendency to hit the wall if you are trying to snipe around a corner. You have to step completely out around it to get an arrow past.
I also often find myself getting stuck on things in the world, corners, tables, any little thing, that would not hinder me in Oblivion. Trying to walk down a narrow corridor with an npc standing in it can be a real challenge. Usually this is no big deal. But it can be when you are in combat and trying to kite backwards while firing arrows.
As someone else said, the dialogue is text-based, which is fine with me. However, the npcs all have the same topics, so after a while you have reams of information to go through for every person you talk to, and 99% of it all identical. So I generally do not bother talking to people.
On the plus side, the world is very imaginative. Bethesda put a lot of time and effort to create a truly new, unique place. The trees and plants are different, as are the animals, even the food and drinks. I often find myself stopping just to stare at little things like the baskets, or bottles and jars. I love how they look. The same with the Dunmer architecture, and especially the Dwemer ruins. There is a lot of depth to the factions, with some complex politics going on within the world. The main quest is very interesting, and has a very neat backstory between Dagoth Ur, the Tribunal, and Lord Nereverar/The Nereveraine. It really trumps Oblivion on all these counts, and creates a very immersive world.
So if you are looking for a deep RP experience, then Morrowind is definitely worth it. If you want a simple action video game, then stick with Oblivion or FO3.