next elder scrolls game comes out in October, iirc. Called Oblivion and it takes place in Cyrodill. It also features a new, more advanced combat engine (SWEET!), same use-based level advancement system, and intelligent AI.
I can't wait. The screen shots on the ES website are simply incredible

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Edit: part of the charm of morrowind was the walking around. it made you value where you were on the map and the distance between places, etc. it also emmersed you in the world when you had to walk all over and look at the scenery. I LOVED doing quests near Vivec city b/c of the gorgeous landscape of the Ascadian Isles region. I felt like I was a PART of the world by having to traverse alot of it.
Though the teleportation system for oblivion is nice, since you can still walk around and there's plenty of territory to explore, but when you'd rather just go straight back to a certain place, it's nice to be able to do so.