Pros For Morrowind: Awesome setting, interesting locales and lore, super short training segment (Pick your race. Now pick your class and starsign. Now get out of my office.), variety in equipment and spells, no training limit per level, Alchemy has an actual use outside of making poison.
Cons For Morrowind: combat system is iffy at times, cliffracers, ability to make poisons without being able to poison your weapon or arrows, some skills (like Axe) are pretty useless, the game sometimes pulls some serious dick moves (the Master Enchant trainer is hostile and attacks on sight).
I would say that it's totally worth the buy, but if you're used to Oblivion it might take a little getting used to.