A couple notes on the IV opiates from an ED doc (we have a lot of experience with these, second only to anaesthesiologists): morphine comes in many different dose sizes. my current ED uses 8mg vials. I've seen 2mg and 5mg dosing vials. So what does of morphine you order in your hospital is honestly based on what's easiest to give. If all you've got is 4mg vials, try to use 4, 8, or maybe 6. if you've got 2's and 5's. then you'll be giving 4mg, 7mg, and 10mg doses (unless you don't know proper dosing and give 2mg doses, though there are uses for homeopathic doses of morphine).
Dilaudid 1mg is equivalent to around 7-8mg Morphine. But keep in mind, they will affect people differently. I've had both of those and the morphine really made me feel like crap (which I didn't mind because feeling like crap is better than being in 9/10 pain) and dilaudid made me feel pain free. Both were euphoric long-term, but only morphine was dysphoric short term. That is me, but some patients will let you know they're intolerant of one or the other.
The other thing you need to know is that morphine tends to last longer than dilaudid, and if they're renal insufficient, it will last a helluva lot longer (it's active metabolites are renally excreted). So if you have a patient that tends towards renal failure, don't prescribe PO morphine when discharging them. Because they'll come in in ARF again and opiate overdosed and get labeled a drug abuser when in reality, they're taking it every 6 hours just like you told them to. (seen that twice this year, had to really convince the residents accepting the patients that they weren't drug abusers, just that they needed to be prescribed an alternate narcotic such as hydrocodone).
Lastly, fentanyl is great and cardiac stable with rapid onset, but as has been said, also a rapid offset. I'll use it on my unstable patients, my intubated patients (it makes a good gtt for them), or for ones getting painful procedures such as chest tubes.