Morrowind is much more of an RPG than Oblivion or the new Fallout titles. I won't necessarily recommend it, because modern games tend to hold the player's hand way too much, and you might be in for quite a shock with Morrowind. Don't get me wrong, it's on my best games ever list, but the combat is NOT action oriented, but determined by chance. Mana (or Magicka) doesn't regenerate by itself, and there is no compass that points you in the direction of your next objective. Still, the setting is amazing, wonderfully immersive, and the story is pretty good, too. Choices matter, but they are subtle, there is a ton of freedom, and quite a bit to discover. Of course there is a down point: fucking cliffracers.
tl;dr: get it, but don't ***** when you find it a bit difficult.
Oblivion is quite a bit like fallout, action-y, fast, lots of comfort options, etc. Still, it looks quite nice (npcs and the laughable number of voice actors aside), and it feels like a "real" fantasy world. It's a fun game, with lots of exploration, so by all means get it.