Indoril Nerevar

The graphics in Morrowind certainly are not as good as Oblivion's, but they're not "too horrible to bear". Morrowind is my all-time favourite game. If you liked Oblivion, you'll like Morrowind. Morrowind's story is much longer and more interesting (you play the hero, instead of a sidekick to the hero), the world is much more varied and interesting, there's much more dialogue and story content (though most of it is text, not audio)... Oblivion has its advantages too, but Morrowind is definitely comparable, and you should definitely give it a go.