Worth it, yes, more than. That said, it's a game that requires a lot of patience, particularly as you're playing it after Oblivion. Certain gameplay systems are worse (combat being the obvious example) and the game is very slow to ramp up at the start. But once you get going, there's actually a lot more to it than Oblivion, I reckon you'll love spells like Jump, Levitate, Mark/Recall and all of that as well as the many other wonders of Morrowind. The story's fantastic, heck, the books in the game are well worth reading on their own.
All in all, yeah, get it. Just be patient with it when you get into the game, it'll take a while to adjust.
All in all, yeah, get it. Just be patient with it when you get into the game, it'll take a while to adjust.