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Why are you excited about this game? just wondering why everyone is so excited. >>
Well, I think a lot of people really enjoyed the huge gameworld and open-ended gameplay of Daggerfall. You could do just about anything you wanted to...heck, there was no need to even begin the main quest if you didn't want to. Morrowind should be even better since the world is entirely hand-crafted this time (not random) and the graphics look simply amazing.
Of course, some people don't like that kind of play and prefer focused, shorter games (eg Diablo). You can't please everyone. Anyway,
here is a list of known Morrowind features.