I've been gaming even longer, so I hit the disenchantment stage before you probably. I still liked Morrowind a lot, but I already saw a ton of flaws in the system at that time, and it grew to be very annoying in Oblivion. Skyrim fixed everything so that Illusion and archery were both functional, and so many things that were previously so exploitable.
I did manage to have fun in Morrowind by forcing myself to play with restrictions. I planned out what skills I'd use, and tried to avoid going outside my class. I forced myself not to be efficient leveling and play the game. It worked well and was easily more fun than being efficient. Oblivion was always getting in the way of me playing that way, as I wanted to use illusion and archery in my builds, and archery required enchanting and mysticism to keep them enchanted. It was also difficult as a mage, until you learned how to make infinite mana potions. Something Oblivion took out, without making magic more cost effective.
I guess I still have issues with the game, after so many years of not playing it. lol