Arcanum is an RPG from Sierra, I've played the demo and so far it looks really cool, it's a bit hard to describe, so go to
http://www.Sierra.com for more info.
I agree that The Elder Scrolls III: Morrowind both sounds and looks cool, just wish it had some MP capabilities though, Daggerfall would have been cool with MP, imagine it, if you could have, let's say, 2000 adventurers traveling all over the Daggerfall world, bumping in to one another now and then, trading items, helping each other with quests, sometimes fighting each other, it would have been cool.
How far along is M&M IX anyway?