I played and beat Morrowind. I dislike the leveling system overall, but at least the mobs didn't level with you in the same way they did in Oblivion. What made Morrowind so special to me was the story and soundtrack which was epic. I never got tired of the theme song.
In general I love Elder Scrolls games, but IMO Bethesda really needs to rethink the leveling/drop system. I like that they are trying to be different, but I despised the Oblivion system which meant you could beat the game at level 1 yet nothing good started dropping off mobs until you were at higher levels. Also, you would only get stats bumps for primary skills..etc, it was a clusterfu** because if you wanted to maximize Int for example (as a caster), you had to be careful to only use those particular skills and avoid others so that it doesn't affect the modifiers.
Oblivion would have been better served dropping leveling altogether and just leave individual skill leveling in, and make gear/items more skill dependent. Primary stats can be derived from higher level items just like some other games.