Open Morrowind (OpenMW) will be much better than Skywind. OpenMW is about extending, open sourcing and rewriting the original Morrowind game, Skywind on the other hand is just a mod for Skyrim which will still be held back by Skyrim's engine limitations so anything unique such as gameplay features from Morrowind can't be modded in. There's plenty of things that made Morrowind great that Skywind won't get.
Both those mods will be held back by Skyrim's engine limitations, there's nothing that great about them. Open Morrowind and Daggerfall Unity are much better things being worked on these days than mere mods for Skyrim.
J_P-'s comments