I find that MorphOS looks horrible, feels nothing like an Amiga to me. I've spent hours trying to get it to feel right and got nowhere.
MorphOS has great bones, and in some cases has some nice features. Hardware support is better, but I can't use it. I find myself dual booting back to AmigaOS.
It's 15 mins work to get it look like this:

To get that:
1) Download OFour or FourOne skin and take it in use.
2) Copy icons from OS4 CD (drag&drop into Icon Information window). To get separate prefs icons, just copy icon for every prefs you want (use the actual name of certain prefs to icon name) and set Default Tool to ":MorphOS/Prefs/Preferences".
3) Disable "Separate files from drawers" from Ambient Settings to get drawers and files mixed like in AmigaOS.
4) Disable "Browser mode" from Ambient Settings to remove some filemanagement options and to get plain looking windows.
5) Set background pictures/colors and fonts to match OS4.
I guess that's a pretty good starting point. Then you can tune MUI to look OS4 too etc. If you have original OS4 CD, you can use the stuff found there to get authentic feeling.