Full voice overs is pointless. After you've heard it once, you never need to hear it again.
I spend half the game just clicking through pointless voices.
I'd like a bit more than Morrowind, but I loved all the rich text you can read in that game. It adds so much to world and the NPCs if they have more than just 2-3 sentences to say, but instead can tell you their life story.
The amount of dialog in Morrowind far surpasses the small amount in Oblivion.
And if some gamers don't like to read... Maybe they shouldn't play RPGs then.

Text is pointless. After you've read it once, you never need to read it again.
I spend half the game just clicking through pointless text boxes.
I'd like a bit more than Oblivion, but I loved that when people talk, you can actually hear them in that game. It adds so much to world and the NPCs if they actually talk to you through sound, especially since you don't have to pretend they're talking, because they are talking.
The amount of dialog in Morrowind far surpasses the small amount in Oblivion, but the impact of that dialog is equally lessened when it's not actually being spoken, the same way a song is less good if you can only read the lyrics. Or how a movie loses a lot of it's charm when you watch it muted with subtitles.
And if some gamers prefer to read... Maybe they shouldn't play games then.
Just kidding, it's foolish to suggest that people don't like reading or prefer reading, this is on a forum so obviously people who read this don't have a problem reading, and we all know that we don't hand notes to our friends when we need to speak to them, we actually tell them using our voice, so we obviously don't prefer reading. I'd hate to be captain obvious here, but it seems like it's apparently not so obvious after all, I think it's not that people don't like reading, it's just that they don't like reading when
they're supposed to be hearing. Even when you roleplay PnP style, you have a game master using his voice, so it would be even more foolish to suggest this has anything to do with roleplaying.
Text is of course not pointless either, but it is less immersive than voice, especially when it is used where there is supposed to be a voice,
like talking.
I hope that Skyrim will take advantage of both, and make sure that when someone is talking, there
are talking, and when I'm reading, my in game character, is
also reading.