Is it slow paced as in lots of bullstuff or slow paced as in lots of backstory? Also, I'd probably only play morrowind with an overhaul mod, I really hate those old, low polygon models. They creeped me out ever since Vietnam: Black Ops.
It really, really depends on how you play it. It has lots of lore and backstory, and if you play it for the game and not the scenery/story, there will be "bullstuff" parts where it might seem like the game just drones on about lore or dialogue.
Whereas if you focus more on these aspects, the game is beautiful, but slow.
And everyone in the game is prone to talk in paragraphs...
edit: asdfas but mind you, the game is still very, very good. It's really compelling when you get into it, and what parts of the environment that doesn't drone on is beautifully made.
It's definitely worth checking out.