I liked it, however if you started with Oblivion and Skyrim you may not like it as much, given the fact Morrowind is a lot less forgiving. It requires a bit more involvement than the newer ones. Basically that means you won't be playing the game at the same pace you play Skyrim.
But like Oblivion and Skyrim it shares a good story. But id definitely recommend arena and daggerfall. They are really fun to play just for the nostalgic feeling.