Both. Because of Morrowind I was extremely excited for Oblivion when I was younger, it was the first game I followed development for. I enjoyed it but the uglyness, level scaling, clunky combat which reduced the impact of character stats, walled towns, a shitty imperial city, and a more generic fantasy setting really makes it not as good as Morrowind.

I was also ridiculously excited for Skyrim since I mainly played Nords and wanted to explore their land. I loved Bloodmoon in Morrowind so it should have been great to have a full game with a similar setting. The shallow guilds and almost near complete removal of character creation and meaningful stats really disappointed me, although the setting is much better than Oblivion and it actually looks fairly nice.

Skyrim is much better than Oblivion, Morrowind beats Skyrim for me due to depth and meaningful character creation and attributes.