Let me start by saying Morrowind, Oblivion, and Skyrim are great games. Now that were past that, let me say that I so far (I'm not done with skyrim by a wide mile) Oblivion is my favorite of the three.
Oblivion took what made morrowind good, and improved most aspects. It also took most of what made morrowind broken and fixed it.
Fast travel is a hot topic, but once you add hundreds of interesting locations around the world, and knowng that to use fast travel somewhere requires actually going there the first time (*), I think fast travel is a good thing to remove some unneeded tedium of overland travel somewhere you have already been. You WILL still walk that land in the first place to find the locations after all.
(* other than a few exceptions, which they have changed in skyrim, you always have to visit first before you can fast travel, which is a good change)
They removed some of the more blantently broken effects from morrowind (regen and flight mainly) to keep the game more down to earth (literally), and keep you in the environments and puzzles. Overall there is a lot more adventure space/content in oblivion than there was in morrowind.
They put in a nice primary quest, but left it to sort itself out over time, I feel the plot and pacing was a bit better than morrowind, and obviously the graphics and voice acting and whatnot were an improvement.
My main complaint with oblivion was the mechanics of leveling and forced stat choices, which was fixed with mods. I feel the complete removal of such in skyrim was heavyhanded, but so far hasnt hurt the gameplay too much.
The spell an enchantment building in oblivion was more complex and interesting than morrowind, without some of the larger loopholes that allowed morrowind to break (they partly brought them back in skyrim tho?) Overall, I felt that my 'toolset' for solving problems was largest in Oblivion (except for flight).
But lastly, the main concern you had was scaling. I actually like a little of what I have seen with skyrim so farm, but morrowind had some of that scaling already, just more fixed items, which allowed you to get lucky or unlucky (or just read a wiki as it were) and have rewards often not line up with challenge. This could be fun, and some people attribute that to intellegence, but it really wasnt that way. A person wasnt able to consciously pick the dungeons that had the best items, they either found them from out of game means, or just got lucky.
In oblivion there were items that were powerful for doing certain things, but most of these were scaled to your level, which was unfortunate at times because people often did the interesting things for thier character first. So the mage character does the mage quests at low level and got saddled with a weak mage staff as his character progressed. This was a problem, but is it a worse problem then a similar setup without scaling, where either the item is low level, so a high level character is always saddled with a weak staff, or make it high level and give a low level character an item that trivializes content for the next several hours of gameplay?
Just because the loot is off a leveled list doesnt mean there isnt a point to exploring different places or a lack of fun.
Skyrim appears to have improved the scaling from there, older dungeons stay low level, and I have definitely noticed some places have harder critters than other places even when my level is static, so there is some sort of 'modifier' aspect to the scaling. One area might be 'scaled to player level' where the next might be 'scaled to player level +2' or something. If this proves to be the case, I may wind up liking skyrim more than oblivion, except for the lack of spellmaking.
And really thats where skyrim falls shortest to me, I like playing mages, and the complete stripping of the ability to customize spells was heavy handed. Sure you could make some good stuff in the old system, but I would rather have seen the work to prevent abuse than just thowing out one of the key interesting systems in the game.
Ok, enough of my disjointed rambling reply

Long story short(ish). Morrowind was good, but it was not the best ES game, and the evolution of the line has logical aspects that dont scream 'sell out' to me, just more of a difference in preference from what you are looking for.