I think Oblivion's was better because, although gauntlets and pauldrons were nerfed, a full enchanted armor set gives you too large of an advantage. Also, it is better to be simpler because you can more easily calculate what armor set is best for you.
Also this is all opinion.
In Morrowind constant enchant was very high cost as service, high cost of Grand Soul gems and hard to obtain Great Souls, there was material thats have different amount of space for enchant, best are was rare, enchanting can fail in process.
Great enchants for skilled high level player that has money.
Skilled enchanters are more likely to be successful at creating new items, their enchanted items use less power and are recharged more efficiently by soul gems.
http://www.uesp.net/wiki/Morrowind:Enchanting
Daggerfall has also interesting enchanting
http://www.uesp.net/wiki/Daggerfall:Enchanting_Items
In oblivion enchanting was simplificated, all have only constant enchants.
Mage in enchanted clothes have more protection then warrior, elemental protection was imbued with physical protection, chameleon 100 was very cheap.