In my own personal experience, the answer is no—at least for Oblivion. Skyrim's gameplay mechanics are the natural evolution of Oblivion's, and it offers a much more polished experience in every way possible. Even with a host of mods available to Oblivion, the game just can't measure up with its successor.
While Oblivion and Skyrim are obviously alike, Morrowind is a whole different animal. Not only is it a good game in its own right, it also offers a vastly discrete experience from the later Elder Scrolls games.
The environment in which the game is set, Morrowind, is vastly different from the verdant plains and forests of Skyrim—offering instead swamps, badlands, a floating city, and the heart of a volcano. Much of the flora and fauna are completely within the realm of fantasy, with everything from giant floating jellyfish that serve as dirigibles to the Dark Elves, and the guar—a sort of pack animal.
Morrowind offers a more cohesive role-playing experience than either Oblivion or Skyrim. You must choose your allegiances, and you can't be everything to everyone. The thieves guild, fighter's guild, and mage's guild are completely distinct entities—as are the warring Dark Elf clans, all of which offer their own set of rewards for your loyalty. Before you can ascend the ranks of each of these guilds, you must meet certain attribute requirements. To join and excel at each guild is a feat impossible in a single playthrough.
In terms of gameplay, there is a dice roll involved in every skill. The strikes of your weapons are dependent both on your attributes as well as the roll of dice, so there's a bit of luck involved in combat. It's possible to miss your shots even if they appear to visually hit the enemy if your skill in a weapon is too low.
Should you decide to play Morrowind, be sure to grab the newly released Morrowind Rebirth mod.
