This quick tip can be translated as: Why "it's too late to start now" is a fallacy.
When I say "Elder Scrolls" the fanbase responds with a mixture of reactions and opinions. Daggerfall fans hate how Morrowind streamlined the series, making the world smaller and more easily accessible. Morrowind fans say the same thing about Oblivion. But one of the most frequent questions I hear is: Is it too late to start Morrowind?
The answer is harder than a simple "yes" or "no," but at the same time extremely easy. Did you love Oblivion right away? I sure didn't. It took time to explore and learn about Oblivion before I came to enjoy Cyrodiil. I was a bit alienated at first because it wasn't how the older games had described (where was my lush rainforest? Half of Cyrodiil is coniferous!) The same can be said of Morrowind. Don't expect to love Morrowind immediately. In fact, Morrowind tries its very best to get you to absolutely loathe it. The first 3 hours of Morrowind can be an absolutely horrible experience for a first-timer. In fact, you may end up remaking your character a few times before finally choosing a good way to play.
I have a few tips to help you enjoy the game more: Turn the difficulty down. There's no shame in this. Turn it up gradually as you progress through the game. Talk to people, pay attention to the lore! The world of Morrowind is in-depth and complex and there's a lot of interaction. Don't expect the story to be handed to you on a platter. Walk around at first. It's tempting to take the different forms of transportation, but walking really gives you a scope and feeling for this new world you've entered. Go to Vivec. Vivec is disgustingly large and I love it. Your first time there, expect to spend hours just walking around and exploring. Join factions. Certain factions do conflict with each other and have quests that interfere, so unless you're using TESwiki, don't expect to do everything in one playthrough. Join a Great House. There are 3 playable houses: Hlaalu, Redoran, and Telvanni. Telvanni is my preferred house, and there are plenty of great mods out there that compliment the house and its quests.
Are the graphics and mechanics too outdated for you? There are graphical mods that give more detail than vanilla Oblivion's environments out there. In fact, there are many great mods out there for Morrowind and I would recommend visiting sites like Planet Elder Scrolls (TESNexus is a better Oblivion site, but PES is Morrowind) and getting some mods.