Depends what you like about Skyrim. If you like the big open world, you'll love Morrowind. if you like the combat, you'll hate Morrowind with a burning passion because the combat mechanisms are weird even for a game as old as it is. If you like the ability to role play any sort of character, you'll probably like Morrowind, because every item you steal from someone's house has value and can be re-sold. If you like the story, Morrowind may no tickle your fancy aside from the main quest--the guilds aren't generally one progressive storyline, but rather a series of "hey, you're a grunt, here's grunt work. Go deliver this letter and get back to me." Personally, I kinda like that over the Oblivion tendency of "you're a low-level member. Go on this incredibly dangerous mission and single-handedly become the savior of the guild." Morrowind guilds require you to actually do work for your superiors in most cases, and it's often "go here kill this" or "deliver this" or "fetch this", but it's not nearly as bad as it seems. But basically for this point: Morrowind guilds don't make you some sort of hero who defeats some great evil or does some enormous task, a la Oblivion. That's what the main quests are for. If you're in the Mages Guild, expect to be not saving Vvardenfell. If you're in the Imperial Cult, expect to be doing good deeds rather than defeating some ultimate evil.
I haven't actually played Skyrim yet, but I imagine the lore/environment is probably closer to Morrowind's than Oblivion was. Morrowind does an incredible job of creating the world around you, from people who can tell you all about the province's history to being able to actually go find bits of the province's history and making the game seem alien and foreign. Also, I loved the music to death.
However, if you get Morrowind, be warned. I mentioned the combat, but lemme describe it a bit more here. Instead of the Oblivion-style system (again, having not played Skyrim I'm not sure how it works in that game) where your attacks always hit and your respective skill level determines how much damage, in Morrowind it's the other way around. All your attacks always do the same range of damage (weapons and spells aren't "15 damage" but things like "5-20 damage"). But, your skill level is your chance to hit, more or less. So at level 20 blunt, your warhammer will just pass right through your enemy. for a modern gamer that's annoying and broken as all hell, I will admit.
Morrowind does not have any significant level scaling. Some of the randomly spawned creatures in the wild will be level-dependent (mostly scamps at low levels, some void atronachs/oghrim titans/golden saints at higher levels) but you can still encounter powerful monsters at low levels. Dungeons don't have generic grunts in them--every NPC that's not a guard is named and unique and only dies once, then nothing comes back in their place. It's nice because it feels like you're actually killing people rather than soulless enemies, but you have no reason to go into a dungeon you've already cleared out (assuming you didn't miss anything there). Not everything is told to you--you might just wander into a dungeon and find some enemies to kill and then at the end, oh surprise, behind that locked door was an Imperial being kept prisoner who thanks you and leaves, and that's that.
Directions are awful. There's no quest compass, no fast travel, and only major cities and a few other interesting locations are marked on the world map. When someone tells you "You need to go here for this quest" the directions are often "go south along the river until you come to a fork, then go left for a ways and it's on your right". Not very precise directions..
However, if you can get it cheap (~$10, and it might be on sale on Steam for that much but I'd get the disc version if possible, since the Steam version can do some sort of weird stuff with mods sometimes), go ahead. It's a neat piece of gaming history, and if you can get used to some of the old-timey mechanisms and weirdnesses (primarily the combat one), it's quite an outstanding game. It just hasn't held up to time and new innovations all that well.
Oh, but if you do get it, get the MGSO (Morrowind Graphics and Sound Overhaul). It's a sizeable download, but it makes the game look much, much prettier than it did before (It still leaves a bit to be desired, though) and makes a number of gameplay engine changes that are very, very nice--mostly to the magic system, where previously you had to switch to magic before casting (you can't cast with a weapon out and you can't attack with non-magic when you have magic readied), one of the changes from the overhaul is letting you press a button (R by default) and it just casts for you right then and there, even with weapons equipped.
So in short: it feels very dated, a lot of the mechanics and graphics feel very, very old without mods to update them, the player is seldom the most important character in any given story (you're very rarely the valiant knight saving the day or the hero saving the world--more often, you're the guy finding the other guy to get from/give him something, or finding that one item, or doing this one thing; you do a lot of grunt work, in other words), all the dialogue is text-based, and overall it's just not in line with modern, big, shiny RPGs. But if you can get past the combat and "very few quests involve gloriously saving the day" aspects, get it, because it's a wonderful game. But be warned, at least the combat and graphics may be quite difficult to get past for a modern gamer.
