Yeah, max level armor in oblivion has 0 weight while equipped, and aside from armor durability both glass and daedric are
exactly the same.
As for Morrowind, its pretty much exactly what Culise said. The expansions have better (and safer) sets of armor, but they are all fairly difficult to get. Honestly though, you would be far better served by switching to light (for the low weight and the fact that there is far more of it), or heavy (for the awesome endgame daedric and the fact that there is far more of it).
But yeah, I really loved Morrowind Daedric armor as well, since it was so rare that finding a single piece was a windfall (rarer even then most artifacts), and it was so indisputably the best armor in the game (if you were willing to carry 350 weight of armor that is).
But then in Oblivion they turned into regular (far more common) armor.
I had a character that I beat the whole game with, including the entire Thieves' Guild, the main questline, the House Hlaalu questline, the Mage's Guild, all the Solstheim quests, and a whole crap load of miscellaneous quests, including finding a bunch of the artifacts (Cuirass of the Savior's Hide FTW). He was a Light Armor Long Blades Imperial with very good Enchanting and Smithing skills. He was a total fucking badass, except for one thing:
His class name was supposed to be Burglar. It was Buglar. Buglar is now non-official TES canon in my head for a secret agent of a particular sect, just to save face at my spelling mistake.
I wish I'd picked Light Armor. I have barely any room to pick up loot, medium armor is more expensive and I'm not even getting that much more protection than I would from chitin armor with a similar skill level.
In Morrowind, it's going to get worse - the best Light Armor, Glass, is actually superior to the best Medium Armor, Indoril (which also has some other...fun flags). The best Heavy Armor, Daedric, is at least vastly better than both. Tribunal and Bloodmoon at least rectified this in part by adding new, superior sets of Medium Armor, and one of the best cuirasses in the game is Medium, though, so it's not a total wash.
What level should I be at for the Solstheim quests? The thought of using bonemold for most of the non-expansion game is going to drive me crazy.
A few moments internet searching seems to recommend 20. But you can try it out at lower levels, and just go somewhere else if it gets too difficult to handle.
EDIT: Yuck, I imagine it will be made far more difficult by having completely crappy armor for the majority of the expansion there too.