I'd read a few posts on boards like gamefaqs that suggested it couldn't (or shouldn't) be done. I wanted to say that, in the absence of an appropriate gaming PC, it can and should be done. While I experienced some very sporadic freezing issues and long load times when loading a save, the game otherwise worked perfectly. And while I drooled over videos of the graphics mods you PC users get, I found the visuals to be quite serviceable when I got the game working on the right TV with the right settings.
What a fantastic game. I played every quest from every faction (except House Telvanni) and I think I got most of the misc quests as well (per the UESP). Really Really glad that I didn't let the age of this game scare me away after playing and loving Oblivion and Skyrim. If you loved those games, I can't recommend Morrowind enough.