No.
Pros:
Better graphics, obviously. Fewer rough edges. Everything's voice acted. Quests are generally more complex. NPCs move around more. Architecture is slightly more varied. Physics are awesome. You can move stuff around, and there's more stuff to move. Vampiracy is cooler. Werewolves are out. Combat is better due to (slightly) more skill being required.
Cons:
Lack of Morrowind's awesome atmosphere
Too short; 120 quests at most
AI not all it's cracked up to be
Crossbows, throwing stars, spears, and staffs are out. Not that I ever used those, but it was cool they were there.
Fewer pieces of armor - leggings, boots, torso, and gloves, and boots and gloves come in pairs rather than individually.
Simplified stats (lame)
Not feeling like you ever become badass due to leveled difficulty
NPC conversations often become ridiculous
Still, a fantastic game that you should totally check out.