Everything is epic about this game. From the name of the game itself, to the story, to the music. Oblivion executes near-perfectly where countless other titles have failed.
The combat system is done much better than in its predecessor, Morrowind. You can actually get into combat on Oblivion, instead of it being a mundane task that you'd prefer not to get involved in.
Also, Oblivion has an excellent character creator.
*Good combat system
*Staggeringly well made character customization
*I don't like how you can't create spells or enchant items unless you're in the Mage's Guild.
*You can only sell stolen goods if you're in the Thieves Guild. Goodbye freelance thievery.
*Closing Oblivion gates gets very old.
*Leveled enemies and items
The Just Plain Ugly
*An enormously less selection of spells and items.
*It gets old hearing the same small group of people voicing every NPC in the game
Graphics: Superb. (9.5)
Gameplay: Great. (9)
Story: Very well written. (8.5)
Re-playability: Very high. (8.5)
Overall: One of the best RPG's of all time. (8.6)