Comparing Morrowind to Skyrim is like comparing 2d to 3d, sure MW had more variety but I'm sure most will agree that Skyrim is better in every way, sure its missing some stuff here and there that some of us might have liked to see but its all about graphics these days and thats what we got with Skyrim...but its all good, give it a few months and we'll have more mods than we can shake a stick at.
Actually, it is not about graphics, and those who think that.... well, it is sad. Games should always be about gameplay.
Take for example legendary games,such as FFIX, or Diablo 2. Their graphics pretty much svck, and yet there's lot of fun to play them. FFIX is popular mainly because of story,and Diablo 2 mainly for atmosphere, and variety of items (which you grind for).
I do not think games needs to have top notch graphics to be fun, gameplay (while I think variety is as well) is important.