Many people have played Oblivion and I think Morrowind gets a lot of crap from people who have just played Oblivion. That was me. But the PC is a marvelous thing indeed and several mods let you make Morrowind FUCKING BEAUTIFUL. I mean hot damn. Look at that crap.
Now I know exactly what you're thinking, bullshit Jules, there is no fucking way you can make a game look like that. Trust me. This is for real.
You can get the full modlist/guide over here: http://knotstheinane.blogspot.com/p/morrowind-modding-guide.html
With that mod, Morrowind is definitely worth a reinstall. The only catch is, it doesn't fix the godawful combat system of Morrowind.