As long as they de-Oblivion it and use what worked in Morrowind, I'll be OK. Vanilla Oblivion was about as boring as it gets, you have to mod it for it to be truly good.
I'm glad to see I'm not the only one that thinks this. I played Morrowind for 100's of hours, and I never even bothered with the main story. I went around doing little side quests, breaking into vaults, and searching for all of the "legendary" items (ex. Daedric Crescent, Umbra, Cuirass of the Savior's Hide, etc). In contrast to that, I played Oblivion for all of about 8 hours before I just put it aside. It seemed incredibly boring in comparison. Even modded, I just could never get into it.