Still play it alot (well mod it more than actually play it, but anyway). Whilst I agree it doesn't draw you in quite the same way Morrowind did (in main due to the fact that many of MW's landscapes were a lot more alien and less real worldy), it's still a good game.
Also considering most SP games give you 10 hours gameplay at a push Oblivion is great value in that respect (though MP obviously lengthens the playability of some games, you could say mods do the same for Oblivion)