I consider Skyrim to definitely feel like a polished version of Morrowind rather than Oblivion, though it does lack some of the former's creative license (spell creation, degree of mansion upgrades etc). This is a very minor gripe however and is more than offset by Skyrim's superior combat and visuals. I am glad of this, because while Oblivion was by no means a bad game, it was somewhat spoiled by the horribly repetitive Oblivion gates and endless legions of samey enemies.
I'm level 42 now and just created a set of hilariously overpowered daedric plate armour complete with obscene dual enchants. Plus a sword that deals over 200 damage per hit. I recall doing similar in Morrowind (though there was a genuinely unbalanced hp regen enchant in Morrowind that actually made you invincible).