Personally, I'm never satisfied by a readme; and, often a mod with more involved quests could benefit from a http://pluto.fliggerty.com/ or a guide - at least so that someone playing the mod can go back afterwards and see if they missed anything. Even a wiki page dedicated to categorizing and discussing release catalogs from some of our prominent modders like Princess Stomper might be helpful.
If there were a Morrowind Mods wiki, would you post information about your mod, or other mods, in the wiki? Would there be any interest in such a thing?