Yawn.
Please, go play Daggerfall again.
Every time I hear people boast about how little time they put into Oblivion "Because its so bad", I have to think less of them - Level-scaling issues aside, that game has quite a bit of depth.
The difference is that Skyrim and Oblivion deal with living worlds, while Morrowind was a dead, static world where you're just tying up loose ends centuries after everything interesting has ever happened to the province - Until Bloodmoon.
Yes, they toned down level-scaling in Skyrim, which is a significant improvement... but that becomes kind of meaningless when the sense of progression in terms of skills and factions is so horribly lacking.