Arena; Pulp Fantasy at it's finest. Featuring Chainmail bikinis, Bodybuilder men with form fitting armour, Goofy looking goblins and blue bricks.
Daggerfall; Last of the games to show women of generous proportions and questionable attire (mods ignored), Featuring Polo shirts, paper mache gargoyles, materials that only really change a weapon's colour, a lot of hoods,
Morrowind. A land of originality. Enter Fabulous architecture of no small quirk, wear fabulous clothes which are most of the time appropriate and functional. Begin the reign of de-sixualisation too.
Oblivion: other than potato faces, this was probably the most realistic of art styles attempted. Features swords that look usable and armour that looks wearable. Though it did have a knack of making all the regions look samey.
Skyrim: return once again to a land of grey, silly weapon proportions, entirely metal bows and overdesigned armour. It did reverse the potato faces though. (along with much of the original dwemer style)
anyway. which game did you think had the best art style. Try to ignore the graphical advantage the later games have over the earlier.