The mod is currently in alpha, which means it isn't completely finished just yet, but you can still dive in right now and explore the incredible open world that the folks over at Morroblivion created.
Here's a full rundown on the mod's status, provided by the official site:
Skywind is in an Alpha state, meaning you can move around the world, interact with a few things, but the full content of questing, gameplay and many other various elements are not part of the game yet. These Alpha releases are more for getting people interested, inspired and up-to-date with development so they can help with the project.
This is truly one of the most open public forums for developing an Elder Scrolls mod and we rely on the the continuous addition of contributors for the success of a playable game. When you can finish the main quest line with much of the game elements in use, we will update the status of Skywind to Beta.
In order to experience Skywind, you'll need both "Skyrim and Morrowind Game of the Year (GOTY), or Morrowind plus the Tribunal and Bloodmoon expansions. These can be installed in any location of your choice, but they must be installed on your computer."