Please, I've put 1000+ hours in both games. Morrowind had way more quest, different ways to solve quest, longer quest, better quest, more factions. Oblivion was one big game filled with nothing. No armor, nothing in the dungeons which all looked the same, too god damn easy. Everything was randomly generated instead of hand placed which was fucking lazy. Every Aylied Ruin was the same. Every cavern was the same. And unlike Morrowind, there were no unique items to be found.
Level scaling meant you could beat Oblivion with a blind fold on. To prove a point, I beat the mainquest at level 3 with the difficulty up. Try beating Morrowind without putting in a hundred hours of preparation. Red Mountain will destroy you. Where as any idiot can go in an Oblivion gate and derp his way right through because the enemies are scaled to his sorry ass level.
I'm sorry, everyone is entitled to their opinion. But The fact is that Morrowind had more depth than Oblivion could ever hope for. That is not my opinion. It's a fact. Morrowind has more depth than Oblivion. Fact. More lore, more skills, more quest, more books, more story, more history, more unique characters, more religions, more options, more to explore, reason to explore, more armor, more weapons, more choices.
Hell, you can't even do everything on one character in Morrowind. There's so many rival factions your choices in one could leave you hated by another, plus you can only join one of the three great houses.
Where in Oblivion, you can complete every single guild with any type of character. Ridiculous. You can become Arch Mage without ever casting a spell. Become Fighters Guild Master without ever raising a weapon. How stupid.
Casual gamers are ruining RPGs, and Oblivion was made for the casual gamer. Oblivion is for people who want to play a game. Morrowind is for people who want to live in their game.
And with Bioware releasing these hand holding (though amazing) watered down "RPGs", I'm expecting Skyrim to be like Fallout 3, which was basically a fucking shooter.