As it's been said, the missing in Morrowind is a representation of your enemy dodging your attacks, or perhaps your own character dropping or fumbling their weapon due to lack of expertise with it. It's always been that way - Arena, Daggerfall, and Battlespire simply had the courtesy to throw some whooshing and clanging sounds in to give the implication that your enemy was dodging or parrying.
Though the combat systems of both Morrowind and Oblivion are pretty broken and hardly a realistic representation of actual battle (assuming we even want that), I think that the player needs to have a stronger connection with their character and their improvement over time. In this case, I think Morrowind excels over Oblivion even though, at a glance, its combat system is far more open to failures. I can feel a strong sense of accomplishment when my character is able to reliably hit enemies that he'd previously be forced to run from. I can't really give a damn when my character goes from killing mudcrabs in 3 hits to killing them in 2. Especially when most fights in Elder Scrolls games are either incredibly drawn out or short and infrequent, and with few combatants all the same. Not like you'd ever be able to notice the change in the vanilla game with all the silly scaling.
Anyway, with regards to enchanted weapons, it really depends on their implementation and any background lore. Keltic Viking (the true, faithful phonetic pronunciation of Celtic! ) is correct in that people may be more skilled in certain weapons but certainly shouldn't be completely incapable of utilizing other weapons. I have always liked the idea of your weapon breaking and then having to smash your way to freedom using a fork or an iron hammer that you got off of an enemy. Really, enchantments are like scrolls - they were created, I believe, for their accessibility. Here's an idea - higher attributes or skills could allow your character to more effectively use enchantments, perhaps consuming less of the item's charge (or outright charging the item faster) due to their own ability to responsibly use and regulate the item's powers. A novice would still be able to take advantage of an item's abilities, but there would certainly be room for improvement if their character were better-adapted stat wise.