I can understand you, but with all bad comments said from MW players about OB I admit I started playing it with certain kind of prejudice. Instead I'm really enjoying this game. It's not worse than MW, it's simply different.
That's it exactly.
Like many of us, I came to this from Morrowind, and like many of us, I was initially disappointed. It took me five tries over the course of a year or so before I finally got into it, but now I would almost say that I like it more than Morrowind. I definitely play it more than Morrowind.
The biggest difference I see, and the biggest reason that I keep playing it, is that it's really much more free in a sense. Sure there are more choices and more factions and such in Morrowind, but in Morrowind, everything has scripted consequences and there are very real dangers potentially around any corner. While that's much more exciting and engaging, it also requires much more effort and dedication. My Morrowind characters were very carefully planned out so that they could advance in the factions I wanted to play and so that they had sufficient skills just to stay alive, and even then, it's a bit of a challenge to get them to the point at which they can travel anywhere relatively safely.
My Oblivion characters, on the other hand-- I can do absolutely anything with them. I've created, and played, more than one Oblivion character that, had the same character been in Morrowind, wouldn't have even survived long enough to make it out of Seyda Neen.
That said, to the topic-- I think the dungeons in Oblivion essentially even out with the ones in Morrowind, in the long run. There definitely are fewer hand-placed items, and most of them are just fairly drab items (like an iron dagger enchanted for 5 points of shock). But there are also some surprisingly impressive items on the leveled lists. Sure, your level 8 fighter might kill 20 bandits in a row and get nothing more than an assortment of plain fur, leather and chain, but then he happens on the one who's carrying a Shield of Justice or wearing the Greaves of the Footsoldier. Your level 22 will still be opening boss chests, only to find, all too often, that they contain 17 gold and a lockpick, but then he'll open the one that's got a Necklace of Swords or a Daedric shortsword AND a filled grand soul gem to enchant it with. And those moments make it all worth it.
And the dungeons themselves-- a lot of them are frustratingly generic. But there are just so many of them that I don't think that could've been avoided. And there are quite a few, if you keep looking, that are definitely unique and interesting. And quite a few that are notably rewarding in terms of loot, if that's one's preference.
One of my recent characters is an Orc Adventurer, who I created specifically because I happened to get diverted with another of my characters and found myself just going into dungeons-- see one and just go in. That character had other priorities, so I couldn't keep doing it with him (and he isn't really cut out to be a dungeon crawler anyway, since he tends towards heavy armor and carries a claymore), but I was enjoying just dungeon-diving so much that I built another character just for that purpose.
Then I got caught up in playing yet
another character, but still.....

And to go back and wrap this up, that, to me, really illustrates the biggest difference between the games. In Morrowind, I'd never think of creating another character just on a whim, because I know that before I could really do much of anything with him, I'd have to get him to at least the point at which he wasn't at risk of being killed by a mudcrab. It takes a lot of time to get to the point at which a character is pretty safe going into pretty much any dungeon, but with Oblivion, I can do it fresh out of the sewers-- just swim across the lake and go clean out Vilverin, right off the bat. Maybe even find some nice loot......