This is IT! when it comes to RPGs. A true classic that still (2010) lures me back. Modding is a must though.
And while we are at the size of it, this is not a game for those who don't like to play the same game for very long. It is said that even if you skip all the optional content of the game, the main game and its expansions requires several hundred of hours playing. But once you get started, time will fly away.
I have mentioned some flaws in graphics and controls. Though this is bearable, you don't have to put up with it. The game is developed to be modding friendly, which resulted in a massive modding community attempting and exceeding in improving, balancing, expanding and even in some cases converting the game. Among my favourite mods are: more realistic bodies, complete texture improvements, model improvements of more or less all the original content, but also new items, weapons, armour, locations and even completely new storyline, some even at or above the level of the original stuff. Most of the work done is way above what you would expect from professional work.
The only true downside to this game, was the lack of computer power back at its release. Its massive open world could simply lay down even the most badass computer. As everything else, this was improved on by the modding community. But with modern computers noone should have any problems, even with a heavy modded game.
If you are into RPGs, played and liked games like of course Oblivion*, but also dragon age and the likes, then this is a MUST!!! Go buy it NOW!
*(I don't like comparing Morrowind to Oblivion, even though one is the follow-up of the other. Oblivion lacks story, but got graphics. Morrowind is the exact opposite, but any lacking is mostly removed by user made mods)