I didn't like Morrowind either the first time I played it. It seemed way too deep and involved and I just wasn't getting into it. It was only after I watched my friend play for a few hours that I finally got interested in it.
In any event, Oblivion has all the things that made Morrowind great, and fixes many of the things that stunk about Morrowind. It is absolutely beautiful, creative (quests involve going into someone's painting, going into someone's dream world, clearing out a ghost ship), and complex - there are so many interesting back stories to so many of even the most meaningless side-quests.
You can choose to tackle the main quest right away, or you can choose to explore to your heart's content and go at your own pace. I am currently 55 hours in, and haven't even touched the main quest yet. (I'm going through and joining the different guilds.) Even 55 hours in, I am addicted. It really is an amazing experience.
Also, the monsters and characters in the world level with you, which means they will never be too hard or too easy for you (sometimes they are too easy...) - you can go at whatever pace you like and the enemies will be tailored to your own skill. That's a great feature for beginners who don't usually like RPG's because they don't understand or feel like dealing with a level-up system.
But here's the real bottom line - you have the opportunity to buy a game that has won numerous "game of the year" awards for only $25. It is tied with Gears of War as Gamespot's highest rated XBox 360 game of all time. For such a low price, why wouldn't you try out a game that is universally highly acclaimed? It seems to me like you shouldn't have any problem at all selling it back for $25.
The first hour designing your character and going through the tutorial can be a little slow - sort of like Morrowind. But once you get out into the world to explore, you'll be hooked.