Morrowind was 10x better than Oblivion in my opinion. Oblivion has great graphics and everything, don't get me wrong. But Morrowind seemed to be a much harder and more in depth game than Oblivion, if you can get beyond the graphics(which were top of the line when it came out) I would highly suggest playing it. Hopefully Skyrim is more like morrowind gameplay wise than Oblivion.
Also to the dude questioning whether to get it on PC or PS3. Given the option go with PC all the way. I would but my computers probably won't run it so I am going with Xbox 360. Going to build a computer hopefully in the next several months though and will buy another copy then.
Also for those looking for deals, if you are trying to get BF3 and MW3 along with Skyrim K Mart is going to have a deal the week Skyrim comes out where you spend $110 on games and you get $50 game credit. So you spend $120 on 2 games and then turn around and get a $50 card that you can use to purchase another game. 3 games for $130, almost as good as the buy 2 get one free deal, but not sure if there will be one of those around that time.