Love this topic, and it's been my view about "modern" games for about the last 5 years, if not more. I don't care about graphics. I care about gameplay. If a game has replayability, then it's value for money. Playing once and then never again is a waste of my time and money.
MW had a good enough graphic system for it's gameplay value, and with the brilliance of the fairly easy to use Construction Set being sold with it, allowed the game much greater success.
Reading this also made me think, would the current "modern" gaming community out there even be able to cope with games like the Myst series? Nice graphics, and give you a major brainache working out all the puzzles. Each one has kept me hooked to my screen for hours on end.
There was even a Myst clone released ages ago, I had to give up on it, it was too challenging. Even looking online I was like, "I need a university degree in maths to do that puzzle...."
Classic games are the best, Skyrim is my most recent purchase, before that I got Left 4 Dead 2 due to being recommended by a friend. Played it for 10 minutes and thought "what a load of rubbish", and before that one, I think it was WoW I joined up with (side note, WoW seems to be going down the "Steamlined" route too).
There is a market for "complex" number crunching systems that give players massive of choice on their character builds, it's just budgets are swamped by having voice acting (the biggest game killer imo) and perdy graphics, because currently that's what the majority market wants. Same with films, some can be swamped by effects, and have no story.
Anyway, to the OP, welcome to Morrowind, enjoy your alternative life and learn from your deaths