I enjoyed Oblivion quite a bit, and Morrowind even more so, but I would not proclaim Morrowind as a perfect game. Honestly, there were parts in Morrowind that were damn boring, when you had to find some location halfway across the map in some secluded area. Sure you had levitation spells and such, but it could be a pain in the neck sometimes. (Still my favorite game of all time though XD)
And I played Oblivion for probably hundreds of hours, and I enjoyed most of the quests, but my biggest complaint about Oblivion was that when all the quests were done, it didn't seem like you have accomplished much. Here I am, Archmage of the Mages Guild, Master of the Fighters Guild, Destroyer of otherworldly creatures, and leader of every other faction, yet it still takes me minutes to smack a bandit to death with my apparently useless sword. It was kind of a let down to see that despite all the accomplishments, you weren't all that much more powerful in relation to your enemies than when you began.
But despite these negatives, I still enjoyed my experiences with both games, and I genuinely look forward to Skyrim. Yes I am disjointed with the fact that it's a console port, but I already knew that. I am confident that regardless of the changes in the series, it will remain a fun and interesting game that will captivate me for quite a long time. Sure it might not be the same as morrowind, but I'd rather look forward to something different, rather than feel bad that gaming has changed. We all want games to return to the quality and complexity that they once were, but since that doesn't seem to be happening any time soon, might as well enjoy what we can. (Plus mods will come out, and then we can have the game we truly want )