Morrowind's got pretty graphics. Oh, and really pretty water that make everything else look cartoonish. Man, I could look at the water all day at first, but after a while, the novelty wears off. Still, the water's the best feature. Really! Who needs great gameplay and characters when you've got pretty water? (Sarcasm, sarcasm.)
Aside from that, uh...
Okay, to be fair, the world's huge. Loads and loads of quests, but they are all in the same vein. Dungeons and ancestral tombs and egg mines -- they all look the same. The NPCs have no personalities. The plot meanders and doesn't have a focus. Everything ceases to become a challenge once you hit a certain level or even before that. (I quite unintentionally created a powergaming character that could wipe out a cave of baddies at sixth level.) The automap is godawful, as you cannot mark anything down, and it's impossible to navigate. The journal is just as lousy. No, I do not want to buy Tribunal to remedy it. A good journal/quest recording system should've been there from the start, not in an expansion pack where you have to shell out more money.
Then there's the head models. The high elven and dark elven ones are particularly ugly.