Oblivion Best Video Settings?

I want to play Oblivion at the highest video setting possible.  But I'm not sure which produces better graphics, their HDR setting, which I don't even know what it is or ever heard of such a setting for other games, or thier 8x antilising w/ a few other settings that aren't allowed while HDR is on.

HDR = High Dynamic Range

It's realistic lighting, basically. Really adds a lot, I went with HDR. That said though, I didn't try the other settings for very long. 

HDR adds a lot of realism, but i prefer AA becasue i dont like my image to look too jaggy