[Belthan]

Definitely worth it. I got the Morrowind GOTY edition a few months ago (after having played Oblivion for a couple years) and I'm loving it. The main quest storyline in Morrowind is very intriguing and cool. Storylines, actually, since GOTY includes the Tribunal and Bloodmoon expansions, each with their own detailed backdrop and quest lines.

In fact, although the graphics (and in some ways the gameplay) aren't as advanced because of the hardware that was available at the time, there are some things I actually like better about Morrowind. Dialog with NPCs is deeper than Oblivion because there isn't voice acting for every single line of conversation. You can levitate/fly. And leveling up actually has tangible benefits. Plus there are a ton of in-jokes and references in Oblivion that I didn't get until I picked up the backstory from Morrowind.

Things that are different and take some getting used to but aren't necessarily better or worse: chance of magic/alchemy/enchanting/combat failure in Morrowind is based on your character's skill level, while in Oblivion when there is any chance of failure it's based on the player's skill with the controls. And Umbra's a dude.

Of course, there are some things that I don't like: journal is a pain, no fast travel, and CLIFF RACERS!@#! (I swear I will never again complain about how many random wolves or minotaurs I encounter in TES IV).