Nope Nacho - strictly single player - but better than most MMPRPGs!
The gfx and sound is soooooooooooo beautiful and atmospheric! I just arrived at Morrowind as a Redguard Crusader, training my fighter skills in Belmora at the moment!
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Though the nice gfx has its price - I get 15-20FPS in open scenery with some AI strolling around (on a 1.2gig Athlon/GeForce3Ti200/512MB SDRAM) - 60 (capped) indoors! There are some tweaking tips on various sites... it helps very much to remove the safedisk protection!