Yep! Especially if you add a few mods to add to the complexity of the gameplay. I've got COBL, which does a bunch of stuff, but my favorite thing it does may be how it revamps birthsigns and races to make them much more complicated. No more birthsigns that only do a couple of things. The COBL ones each affect like six or eight things. Same with racial abilities.
Then I've got Supreme Magicka, which makes the magic system way more complex, more spells, staff enchanting, more complex fdrmulas for magic regeneration, etc. Enhanced Economy to make the economy and bartering more complex (I disabled auto haggle and set it so you cannot barter with the merchant until the next day if you fail your third haggle attempt).
And a bunch of "immersion" mods, like Basic Primary Needs, Basic Personal Hygene and Basic Physical Activities. Now my characters have to pay attention to when and where they sleep, what they eat and how often, where they swim, what stuff they touch (loot a wolf and your hands get dirty which may cause you to get a disease the next time you eat), etc. Plus he can sprint and fatigue functions much more like it did in Morrowind.
I found most of these mods in the vanilla modding thread, and now my game feels way more old school than the Xbox version. Everything except the graphics. COBL goes a long way towards fixing the potato face, and QTP3 makes the game look just amazing graphics-wise. It's like an old skool game with modern graphics.
I love vanilla and played it for years on Xbox, but if you have got a PC and you like old skool games, you may want to look at some of these mods.