I never played it and don't have it.
I think you'd enjoy it.
Maybe not with the web-based interface though.
And I thought the graphics looked grainy even back when I played it, so a version with higher resolution graphics would have an advantage.
There was a casual game with a similar story -- Emerald Maiden: Symphony of Dreams -- where you are on what appears to be an elaborate Titanic-like steamer from the early 1900's, and can travel to different worlds. Morpheus and Emerald Maiden had that in common. Morpheus did it better though. Even with the grainy graphics, the places you visited had more atmosphere, and some were genuinely creepy.