It's good, if a bit overly-bombastic for my personal tastes. Considering it's supposed to be set in the Norse-lands however, that's probably not only intentional but appropriate as well though.
Still, the Morrowind theme shall probably remain my favourite of the Elder Scrolls themes.
Starts out slow, sweet, relaxing before building up towards a more dramatic flair towards the end. It sounds both mysterious and adventurous, everything you could want from the theme for this sort of game. And what's more, despite having heard the song countless times over the years, I still enjoy listening to it and get a swell of nostalgia each and every time.
Hard to compete with that!