I went with the Morrowind-style. I have admit I've never played any of the other ES parts but I am quite sure that my choice would be the same even if I had played them. Morrowind is simply too adicting to be out-bested by any other game

The gameworld itself is huge, the possibilities are nearly endless, no limits regarding traveling and exploring, the storyline is impressing, the graphics (compared to contemporary games) are swell and even the the npcs are *cough* adequate *cough*.
And as Fable and Giles already mentioned, if Bethesda would/will have a look at the existing mods and decide to add some of them I believe the game could hardly become any better. Perhaps they will put up a contest where the contestants get their hands on the game engine pre-release to make a mod of their own. In the end of the contest the best mods would be chosen to be included in the game.
Oh, the potential....