If you are too impatient to wait for 'TESOblivion'

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Timeslip

Good advice, although personally I use Visual packs 1.11, 1.2 and XT instead of vibrant morrowind, and don't use MCA. If you're going for a complete graphical overhaul you should also look at some of these.

...or prevents the game from jerking around from streaming stuff in, even on a high-end PC?

Change the line DontThreadLoad=0 in morrowind.ini to 1. That'll stop it streaming anything, but it makes loading times longer.