I think I'll edit this post accordingly once it's on PES.
http://img809.imageshack.us/f/morrowind46.jpg/ / http://img714.imageshack.us/f/morrowind47.jpg/
I tried not to go crazy on the effect, but you can see it pretty well on this comparison.
I didn't spend much time tinkering with the different maps, or with individual maps at all.
While I think that it already looks pretty good, future texture packs could make much better use of the additional maps.
Most time went into the tedious and annoying mesh editing, so more picky people might be better off considering this as a mesh replacer/modder's resource
Here are some more screens for you to enjoy:
http://img834.imageshack.us/i/morrowind36.jpg/
http://img830.imageshack.us/i/morrowind37.jpg/
http://img816.imageshack.us/i/morrowind38.jpg/
http://img832.imageshack.us/i/morrowind39.jpg/
http://img97.imageshack.us/i/morrowind40.jpg/
http://img7.imageshack.us/i/morrowind41.jpg/
http://img841.imageshack.us/i/morrowind42.jpg/
http://img231.imageshack.us/i/morrowind43.jpg/
Considering the fps hit: I enabled fps in MGE to show the difference in the screens just to see that there isn't any... I still think there is an fps hit (and there should be imo), so you better be prepared.
And finally, here's the download link:
http://www.mediafire.com/?i4pg56g386w2zwr
(v3 - added Molag Mar and some missing textures)
Please report any errors or "missing" meshes. I hope I got all the meshes and textures.
Credits go to AnOldFriend for his vivec/velothi retexture, which all my bump/gloss maps are based on