base-game, yes, morrowind is better than oblivion...
though both games are so customizable so that if you put the main-quest aside and mod oblivion like crazy with some awesome mods, it will make an awesome game.
I am not saying its better than morrowind.
but the super nice graphics (atleast at the time it was out) gives the game a huge +
I do think (and hope) that Skyrim will be better than both.
also I cannot wait until Mass effect 3 gets out.
I think Mass effect 2 is THE best game I have ever played!