Not to be rude, but, DUH. Simply going by graphics, it is so much better. Also, I played Morrowind a bit recently and made the mistake of playing it right after playing Oblivion. I stopped after the first five minutes.
I recently went back to playing Morrowind as well and I would agree compared to OB graphics were disappointing, but then I found this http://bethblog.com/index.php/category/morrowind/ and I would highly recommend it Ardaalus. It brings the graphics on par (as closely as possible) with OB and makes the Morrowind feel like a brand new game!
Cheers!
On Topic; I may also play a thief/mage type character especially since Alchemy is under the stealth category this go around!
And I have enjoyed all current Elder Scrolls games for what they are without worrying one kickin' the others butt! They all rock! :tes: