Good, but only so.
Morrowind is a great game, and has great songs, this being one of them. I did like it, but it was a bit flat with only the single instrument (Could have called it an 'ocarina remix' and added a couple other instruments played by yourself. Though not everyone can play multiple instruments.).
I didn't rate down for the above, because it is what it's titled. Though it is a good suggestion you should at least attempt in looking to. I gave this a 10/10 not because I absolutely love the piece, but because of how well it was performed.