Following on the heels of Half Life remake mod, a group have announced there intentions to remake Morrowind using one of its successors engines. The mod as of now is a WIP but are looking for more to help them here. There are also plans to bring Oblivion into the Skyrim engine too although there are no release dates.
Not a fan of the Elderscroll series myself but I know most here are. More screenshots can be found here. I will admit it doesn't look bad










