Morrowind was actually "delayed" several times in its development. I believe it was started in '96. While it wasnt officially delayed because Bethesda used the same release date strategy then(which I think works quite well). Morrowind had to be constantly rewritten for new Windows platforms that kept coming out. GPU technology was also advancing faster than they had anticipated and of course they were working with a much smaller budget then too. While I havent touched a console since the original nintendo and dont ever intend to get one again.... I have to say I was really happy Morrowind was ported to the xbox. It provided a much larger budget for Oblivion with a much shorter development time. So in fact the wait for me has been very little... the 6 year wait between daggerfall/morrowind down to only a 3 year wait for Oblivion.

Besides that.. Not getting a buggy game to me is worth more time if they need it. I just bought Civ4 a week or so ago and have been playing it and modding it extensively since then... but it came packaged with LOTS of bugs that should have been squashed prior to release. When I first installed it... it didnt even run... I had to copy two .dll files from c:\windows to install directory manually before it would start. I was the lucky one.... Many people with ATI cards are having crash after crash. I do have a memory leak that makes the game slowly lose performance until it crashes. It is an awesome game, but it could have used a month or two more in the oven I think. So hopefully all will be well with Oblivion when we get it.
Now I am off to finish conquering the world!!