I'm running this on a P4 2.5ghz with a Radeon 9800 pro.
As I said before, the graphics are set at medium. (the distance slider I set a bit further since it can handle it, but self and regular shadowing has been turned off)
At full detail it's _much_ better looking but my computer starts to explode.
Morrowind with the right plug-ins does look as good as Oblivion on low detail settings. (Morrowind doesn't have the shader/bump mapping support though)
In a few months I'll get a nice new PCI-E video card, and then I'll be whining that not enough graphics upgrade plugins are out yet
As for whether or not it's a good game:
It takes the best parts of Morrowind and Daggerfall and slams them together in a particle accelerator.
I still haven't quite figured out either the lockpicking or persuasion "minigames" though. Probably the sort of thing that's incredibly obvious to everyone else but I totally miss it.