It's excellent, huge, and the most immersive RPG ever made!
Overview (in a pretty unorganized way):
The graphics are pretty good, though the framerate really chokes up in some areas and can get a little annoying. Characters don't really animate all that well though either. but hey, it's a huge world and still looks pretty nice, especially for an xbox game.
The sound is pretty good. It really shines in the soundtrack, excellent theme song.
Gameplay is pretty good, fighting with melee weapons could have been better though, it looks just awkward at times. Magic spells are done pretty darn well in the game with TONS of variety. Stealth characters may have some trouble with parts in the game that more or less require fighting.
Value? Forget about it, it's through the roof. The game has probably 200+ hours of gameplay (without the expansion paks!!). But there's a warning here: I'm guessing that you'd have to put in at least 10 solid hours to really get into the game. After all, you can't even hit a darn rate at first, you need to acquire some skills. It's not like Oblivion where you hit every time, only that your damage goes up. In Morrowind, you won't even hit the darn rat at first!! Practice and more Practice is needed.
Another thing, this game is a true sandbox. I mean if Grand Theft Auto 3 is supposed to be a sandbox style game that allows you do to anything, this is a freakin desert: you really can just live in the world doing quest after quest for hours and hours.
One other note about the gameplay, it's a bit buggy at times.
Overall, it's an excellent game. Oblivion is a much more polished game, which is to be expected since it's a sequel. And in Morrowind, it's not as much "user-friendly" to do quests or travel. There not much fast travelling in the game like Oblivion, which makes some quests very very long!! But spells and portals can make some travelling faster.
Comparision to Oblivion: I'd say that in almost every aspect, Oblivion is a better game. There's one exception (kind of two): story (and immersion). Morrowind's story is far superior. Not only that, but it's unfolds in a much more natural organic way than Oblivions. In Oblivion, i'm reminded constantly i'm playing a game, in Morrowind, i got lost in the story and was fully immersed, trying to find out about missing Dwarves and who is lieing about the ancient past etc... Very addictive stuff!!!!
So that's it. it's amazing, 2nd best RPG ever made in my opinion (first being Oblivion I think). If you have a PC buy it on there instead of xbox, the interface and journal quest log is better than the one on xbox.
**** I actually think this game deserves higher than a 9.2, but that's what the average comes out to. I'd give it a solid 9.5 *****