Admittedly, it kind of is. It's got its own charm, but both Morrowind and Oblivion did a lot of things much better.
In particular, the faction quest lines are disappointing. They all involve some massive epic plot against the entire faction, and result in the player going through a grand "awesome" plot that lasts for all of five quests or so and always ends up with you in charge. At least in Oblivion, which had a similar problem, the questlines were longer and had some genuinely interesting missions - especially in the Dark Brotherhood one. In Skyrim they just manage to be boring.
On the other hand, Skyrim has the best world, in my opinion: it's actually varied and different depending on where you go, not to mention extremely pretty and with some great views. Morrowind was good too, but it doesn't look that great anymore, and feels a little same-y wherever you go - and Oblivion actually is basically the exact same: as soon as you get outside from the Imperial prison and get your first glimpse at the grass and water, you've basically seen it all.