I'm actually in the process of starting up Morrowind again. Installed it yesterday, added about 80 mods/patches... Can anyone confirm that Morrowind Graphics Extender and the FPS Optimizer work with the Steam version? I'd pay for the convenience of not having to load the disc in when I can't find it for $5.
I'm on the fence for Oblivion. The world was much more...bland to me than Morrowind. It just didn't feel as deep. But, as someone mentioned, there are hitboxes in Oblivion; in Morrowind, you have dice rolls, just about. Beware!