Morrowind is undoubtedly better today than when it was released. The thousands and thousands of mods, thundreds of mod lists, dozens of tools, and hell even the complete, open source, crossplatform reimplementation of the core game engine and its crazy good multiplayer fork, all add up to today being an even better time to experience the game and the community!

I highly recommend picking up the base game and then playing it through OpenMW, with minimal mods the first playthrough (tho unofficual bugfix patch and the like are still probably a good idea)