I don't know where I stand with the Elder Scrolls series. For one I have never heard anyone say the story is good. To be aware of these games for this long and not have a single person tell me anything about the story, praise the story in any way or reference anything that has happened in the story seems kind of suspect. What is the overarching story behind this series of games? To be this popular and that not be obvious is weird.
However, that's fine. It's more of a sandbox game, it's exploration and the depth of the mechanics. However from what I've heard Oblivion removed a lot of this and I'd imagine Skyrim will to. It was developed for xBox, Morrowind was like 12gb or something, I dunno what wizardry they're planning on using to fit all "dem grafix" (it will be a beautiful game for sure) and the depth people want into it.
I dunno, I hope I'm wrong. I hope this is the game to get me into the series and it looks so damn pretty I hope it's a good game to go along with that.
To answer your question I never played Oblivion, I played a bit of Morrowind but was so completely lost from the start I didn't get far. I am excited at the prospect that Skyrim will be god's gift to gamers but tentative enough that I'll wait for a steam sale and all the info on whether or not it's good.