There also may be lots to explore, but apart from the layout of dungeons what is different? I'm not going to stumble upon some rare item (bar dragon priest masks) and I have too much money to want to go exploring dungeons. The game is so unbalanced it makes itself tedious.
I still like it, but I'm having a hard time thinking of reasons to why I should play it.
On the whole, I think Skyrim is a better video game than Morrowind (and I think Oblivion was quite inferior to both), but I think you've pretty much nailed where Skyrim suffers compared to Morrowind. Morrowind had characters like Caius Cosades, Crassius Curio, Therana, Jim Stacey, etc. Characters that made you want to do quests that they were involved in. Skyrim's characters come across as much more instrumental---they're just around to give you quests and to get you to see the world. The quests themselves... some are good, like the quest that begins with the Alik warriors searching for a Redguard woman in Whiterun. But it's hard to disagree with the fairly widespread opinion that most quests in Skyrim seem lacking in inspiration. We can handle fetch-quests, or go-kill-this-dude-quests, as long as the back story and characters are interesting. But most of the time there's a very sketchy motivation for the quest, and the characters are quite generic. I find it hard to shake the feeling that, where it really matters (major factions, main quest), Skyrim's characters and writing could have used further fleshing out.
Really, the star of the show in Skyrim is the world itself. It's stunning.