Not as good as some poeple describe it.
You have no aim in the game except wandering around and doing boring quests. And even the main role in the boring main quest is played by the king not us.
I don't know how some people were able to spend over 100 hours playing this game. I got bored in the first few hours but kept going as i heard so much good things about this game but after spending so much time and getting bored to death i finally gave up.
Only thing going positive for this game are it's graphics which were fairly decent but even that came at the cost of poor performance and around the time this game was released i do not believe anyone would be able to play it with the graphics turned high.
The gameplay is boring as well there is nothing new,unique or interesting about it.
So to sum it up with almost no story, not a single interesting character, average combat system, good graphics and boring environments i do not believe that Oblivion could compete with some of the modern RPGs such as The Witcher, Dragon Age, Mass Effect and even Bethesda's own Fallout 3. As the mentioned first three games are phenomenol Storywise & characterwise and you get so absorbed in those worlds and develop an emotional attachment with all its character that after playing those games it is difficult to return to reality. Even Fallout 3 is better than this game as it got an interesting combat system and fun exploration as i truly enjoyed exploration in fallout 3.
With Elder Scrolls 5 8 to 9 months away Bethesda must improve in the above mentioned areasif they want new Fans for the series as thy would be getting stiff competition from the likes of Dragon age 2, Mass Effect 3 and Witcher 2.