Nirth: I assume I'll be forced to use the CD/DVD then? Then I might as well buy it at Steam and use a no-cd fix.
Yep, although it never really bothered me personally.
Nirth: I'll keep looking, if I haven't find a physical copy before Steam offers a promo on the GOTY edition I'll buy it there.
Morrowind never, ever drops below €10 on Steam, even in sales. Gamersgate did an excellent €3 sale for it recently (gives you a Steam key), but that was really a one-off.
Nirth: Good that Overhaul works with Steam, one of the mods I plan to use. How's the mod specifically?
The mod is awesome, especially the view distance increases, which really impresses upon you the epicness of the world. The shadowing and godray effects are equally awesome. When you leave the registrar's office at the start of the game and find yourself in the yard - look up through the trees. You'll see what I mean.
It does need a great graphics card though. I had a HD 4890 until recently and it struggled with it at maximum. The optimum settings for that card were still a marked improvement over vanilla MW though. I've just bought an HD 7870 and I plan to try it again soon.