I'm playing Morrowind again right now, and I can say whole heartedly that I want the next game to be the same. Same UI, same combat system, same leveling system, same skills, same weapons, armor, spells, enemies...
They dumbed down Oblivion so much, that I find it unplayable at this point. Weapons always strike regardless of your skill, spells were removed, weapons were removed, skills were removed, you had to go "in doors" to go in a city, all the enemies were so standard, it felt worse than average. The leveling system makes it fucking annoying to power level. The enemies auto-leveling system pretty much negated the point of your character's leveling. Enchanting was a pain in the ass because none of your enchantments would recharge. No teleporting system to carry overburdened loot to town. "Rare" weapons and armor were commonplace from all the leveled NPCs so you never had to work for that set of Daedric armor. Ugh, I feel like I could rant forever on what Oblivion did wrong.
I DO NOT WANT another Oblivion. I know I'm not going to be satisfied with TES V, because Bethesda obviously liked what they did to Oblivion, even though I think they ruined it.