Actually, they're quite different
In Morrowind, you get X% resistance to element, and 1 damage per second to adjacent enemies.
In Oblivion, you get X shield (goes straight to Armor) and X% Elemental resistance.
Very different things
I think he/she/it/dev /null meant the normal shield effect. You know, the one that raises your armor, and nothing else?
I honestly liked the shield effect in morrorwind. Made me think of a true force barrier, not just a tight layer of magic weaved around you.
@strupekutter: Wow, other then my ears hurting when it started and finished, that was the most awesome mod I've ever seen today. I like it.
Offtopic: Wasn't the elemental shield a reflect damage sort of effect, but the damage returned was elemental damage? That's what I thought it was, anyway. Shined when I was hit, and they shined a little too, IIRC.