AB2012: Morrowind had a 75% discount a while back which actually gave it a realistic price given its 15 year old age and especially when compared to its Elder Scrolls stable-mates and physical disc pricing. The 49% discount today makes it double the price vs what someone paid 6 months ago. Eg, GOG pricing (for the UK) is £12.99 base, £6.59 "sale" (but previously only £3.29 back in June).
To keep things in perspective, you can generally pick up Morrowind or Oblivion GOTY disc version for £4-£7 each or Skyrim Legendary Edition for £10 on Amazon or EBay on
any day (base pricing, no sale, inc postage). And bear in mind some of those physical GOTY retail disc releases for MW / OBV also came with a nice A2 sized glossy map + printed manual whilst the GOG version doesn't even have a PDF map, and Bethesda's idea of "sale" pricing vs what the games are normally priced elsewhere (or even vs Skyrim) is a little divorced from reality.
As far as I know, no physical copies of
Morrowind: GOTYE that you can buy
new nowadays (at least on Amazon) contain much more [EDIT: software-wise] than a disc that will prompt you to install Steam and redeem the included key there. If I remember right, the Elder Scrolls Anthology contains a non-Steam disc copy and some physical "goodies", but the game itself isn't the complete edition (I don't recall whether or not that package also includes
Morrowind's expansion discs; I think it might).