Well, Morrowind did have some really goofy stuff too - 4 or 5 random quests involving naked Nords, the corpse of "Indie" in a tomb, and the infamous "Eltonbrand" sword.
As for Bethesda respecting the ES, a lot of long-time ES fans on the Bethesda boards are as virulent about Oblivion as the FO1/2 fans about FO3 after Bethesda completely overhauled Morrowind's system and butchered the lore (Cyrodiil endless jungle? ha!). To make matters even worse, now there's talk about an ES fantasy book set in Cyrodiil after Oblivion involving a flying city creating undead. It's actually amusing browsing through some of the loremasters' reactions.
As for FO3, if Bethesda really made it as a sort of 'testing board' to see what players like and don't like about it, then that can only be a good thing for the sequel. THey might even learn a thing or two-(hundred) with Obsidian's F:NV.