I'll beginn with saying that I liked the story of morrowind. You start the game as a prisoner, and ending up with becoming the greatest legend that ever walked in the land of the dunmer. I also think that it was cool that you had to get the corprus diesease in the main quest. Basicly, i think it is a great game.
In oblivion, I didn't like the enchanting style. i couldn't even make more that 1 enchantment on my armor or clothes! and where are all the "healing on self" scrolls? just think that many things are limited in the game. Also i miss the crossbows and throwin star. Oh, and the npc's, all them felt so lame and boring. Even in morrowind, they had a little more "life", you could really feel that the dunmer hated you because you were an outlander. When I play oblivion, i don't feel that the people (exept the emporer) think a sh.. about me. Come on, morrowind npc's had no voice dialog, only text, and they seemed more exiting than in oblivion.
Well thats what I got right now, please write what you think is good/bad!