You just answered your question, if you say Elder Scrolls III is Game of the Year, now Elder Scrolls IV also is Game of the Year, that means something... earning the GoTY Award is something hard, you know? :rolleyes:
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I wouldn't jusdge Oblivion on Morrowind's merits. There are numerous significant improvements, most notably the ability to quick travel. ESIII can be very annoying because it forces you to go everywhere manually, rather than choosing somewhere to travel to if you need to.
plus the battle system is much better too,