No betrayal?
I can't remember much betrayal in Morrowind, but joining the Civil War for one faction and then switching sides by taking the Jagged Crown to the opposite faction stands out.
What I do remember is playing two or three sides against each other while gaining the admiration and confidence of all sides.
Which is cool on a conceptual level but in terms of gameplay and game mechanics it was poorly writen and executed with no con sequences for my actions.
I saved a hostage from the Telvanni but they love me because I helped "exorcise" a ghost from the hostel.
...Are you really going to take the omission of 'Titus Mede II' as any kind of relevant consequence, or a betrayal that has no reprecussions other than delivering the crown to Tullius?
In the meanwhile, let's take a look at the faction questlines. You are inducted into the Circle in a span of two quests (and three generic radiants, where you could en, and then you can't refuse being a werewolf. You aren't even told why being a werewolf is necessary, and then you're faced with the Silver Hand, who are about as compelling antagonists as your everyday Bandit.
And then there's the College. You're...an errand boy, seriously. The extremely quick pacing leaves no room for anything resembling a storyline. In Oblivion, at least you had to work for it, and in the end you gained Traven's trust because you worked for it. There's no such build-up in Skyrim, where you're faced with the Psijics in the first quest alone. (And before you give the same verbose "you're the Dragonborn" reply, that falls apart if you're roleplaying a non-Dragonborn by not starting the MQ). At least the Companion had some form of pacing via Radiant Quests.
The Thieves' Guild. Lulz, you're railroaded into it because Brynjolf calls you out on...having cash in your pocket. I mean, it's not like a professional adventurer would be clearing out bandit holes or slaying evil mages or anything! I think just how shoddy the TG storyline is has been discussed to death. In Oblivion, you had to work on actually finding it!
There are good quests in Skyrim, but they're buried under bugs, lack of consequence, or just weird writing. The Necromancer's Amulet went from being the focus of a MG quest and possibly one of the most potent artifacts around to...a court wizard calling it a necromantic trinket. I'd be more worried about how an artifact of a legendary necromancer actually got into the Butcher's hands.
Skyrim has graphics, combat and exploration. That's all it has going for it. Loot is generically boring, with nothing really unique. You could go into any random cave and know you're going to get some random &--#60;x something of y&--#62;, rather than Morrowind, where you could get stumble across gems like Denstagmer's Ring just by complete accident. Oblivion had the same problem, although there was unique gear with the vendors and unique generic loot (Boots of the Olympian, Mundane Ring, etc). It's like I'm playing WoW, only in WoW there was at least the tiny chance of getting a rare or - very, very rarely - an epic.
Hell, even the bosses could stand to drop something interesting. At least Mankar dropped unique robes and a staff.