Morrowind is incredible-completely open ended. There are "quests" to undertake, or not, as you choose. You can do things in any order, go anywhere, develope your character as a hero or as a villian...there's basically nothing you can't do. The graphics are more than accepable for an rpg, with some amazing water effects. And if you don't have your 'box connected to a Dolby Digital decoder, well, you really should.
I believe the price has dropped on this game to $20 or $30 bucks; definately worth it.