I played Oblivion for the first time last year, and then tried to play Morrowind. Oblivion is an old game, but I can play it, finish it, just fine. Morrowind I spent some 10 hours going around the world and still having no clue where I need to go to continue (start?) my main quest.
As someone not involved in the franchise, Oblivion did not need a remake, it is perfectly accessible, with a sane(r) UI. Morrowind feels like a game from another century in comparison.
The soul stuff is just nostalgia and stuff. Also, if all I see in here is real, there is a bunch of slop in the new game.