It's not like Morrowind. It's even better!
So much ways to finish a quest, a right open-world game, highly addictive, and you can play it for months, just like MMO's. Yes, It's Oblivion!
For the beginning I can say that the graphic is outstanding, if you have the right hardware. The first time you get out of the sewers a new world will open in front of you. When you see those trees, forests, water, and the whole world you will feel that you are in some kind of a movie. Sound is great, and the physics too.
But the gameplay.... the gameplay is perfect. So many quests, so many things to discover, so many new NPCs to meet. So many hours to spend to do it all.
A great game, and we can wait The Elder Scrolls V with no fear. If Bethesda continues with the good work, it will be a gamer paradise!