Morrowind is my favorite Elders Scrolls game. There are some great mods that really improve the graphics. Of course, the graphics won't be as good as Skyrim, but they are good for a game released in 2002. See
here and
here for examples.
That said, don't go into Morrowind expecting it to be be like Skyrim. Morrowind -> Oblivion -> Skyrim was a trend of 'streamlining' and 'accessibility changes'. As such, Morrowind is the most deep but also the most complex and hard to get into.
First of all, damage is based on stats and dice rolls. When you swing your weapon at an enemy, it calculates whether or not you hit that enemy based on your character's skill in your particular weapon. This is one of the most jarring things to get used to coming from Oblivion's and Skyrim's combat system. Numbers mean a lot more in Morrowind.
Secondly, the world isn't all scaled to your level. This is true for both mobs and loot. This means that you can easily go into a dungeon only to get mauled to death because it is filled with vampire lords and you are a level 1 newbie. But is ALSO means that you have a real reason to explore caves, dungeons, and ruins because there may be some great loot inside rather than just a rusty iron dagger. It also allows the dungeons to be specifically crafted in such a way to hide treasure in little nooks and crannies, so the incentive for exploration is much greater.
Thirdly, the the armor and weapon system is more complex. Rather than juts one big suit of armor like in Skyrim, you have individual pieces. In Morrowind you have your helmet, left pauldron, right pauldron, cuirass, left glove, right glove, gauntlets, and boots. On top of this you can wear a robe, underneath you can wear clothes (shirt, pants, shoes). Morrowind has more weapon types as well, including differentation in long blade and short blade, spears, and crossbows.
Lastly, the quest system in more involved. You keep your quest info is a journal, and there is no automatic marker or trail telling you where to go. You have to actually listen to what people tell you and follow their in-game directions. There is also no fast travel, although you can pay for similar services in town to catch a ride or teleport to another town. There is a ton of additional dialogue since the game isn't voice acted, even with random NPCs. You can kill any NPC, but if you kill one important to the main quest it will give you a warning.
So overall I'd say it is a great game but it is a bit different than the sequels. Go in with an open mind and hopefully you will enjoy it. You question makes me want to reinstall the game....