I hope it's not Morrowind 2.0, just the same as I hope it's not Oblivion 2.0. I'd see it as a huge disappointment if it was either of the two - I want a new game! Sure, take the best from both games (and other developments), but develop it and progress, don't just copy and paste. I know some people may be over the moon if they can come on here after release and say "it's just like Morrowind! ", but I've already got that game.
I do hope so, as the best from Oblivion is all that come with advancement of the technologies, and I hope them even better in Skyrim, and the best from Morrowind is about all the other aspects that can give any depth and unique feeling to a game.
So a game with the full culture, atmosphere, depth and uniqueness of Morrowind with cutting edge technology that are even more advanced than Oblivion, and it is the best game ever, (till now).