I'll keep this short. I first played Morrowind years after its release, and didn't particularly care for it.
Reason 1: It has all the game-ending glitches of titles that came after. I played this for about 8 hours, then hit a bug that reduced my strength to zero. I couldn't deal damage, or carry anything. I took some potions to counter this, and then tried to sleep it off.
Reason 2: Less saves. While Morrowind does have some auto saving, it is less than in games that followed. In my case, I was stuck with zero strength because sleep resets the autosave.
Reason 3: Morrowind does not have map/compass waypoints. It does provide text clues for where to go, but as I don't read so well, this was really a huge downside.
so, there you have it. Nostalgic fans love Morrowind; I think it's not worth it. At this point, with all of the Skyrim DLC, Fallout 3, and so on, I would personally recommend something more current off the Bethesda menu.