That has tons of potential if they can actually get it working. I would totally play that. I can't tell you how much I miss Morrowind, and I get the urge to go back and play it quite frequently. Think of it like visiting a place you totally love and identify with, spending tons of time there, then getting pulled away from it and never getting to go back. Even if it's just a place in a game, there's an emotional attachment to the land and its cultures for me, and there are moments when I realize that time has dulled my memories of it to the point where it almost could have been real in retrospect. I remember the feel of the environments almost as real things, you know? The harshness of the deserts and ash storms near Ald'ruhn, the cold wetness of the black, ocean-polished stones on the shores of Dagon Fel, the warmth of the Argonian Mission inside the walls of Ebonheart. There's something strange about it. Even if I don't necessarily feel like going back and playing the game, I want to go back and visit the places again. Sometimes, though, I think the experience is more real in my mind than it is in the game, and I wonder if playing again will feel half as good. It usually evens out, though, since once I want to play the game again as well, the depth of the mechanics makes up for the lack of physical depth in the world (as compared to the real world).
But, uh... yeah. I'd play it.