Everything you wished Morrowind was, and more.
I have personally waited with great anticipation for the latest installment in the Elder Scrolls series, mainly based on my experience with the previous game, "Morrowind". As much as I loved the story, the free form gameplay, and the seemily unlimited options, the action aspect of the game was severely behind the rest of the package. Not so with "Oblivion". The action is quite fast paced, and requires actual dexterity based on your need to block, dodge, and attack at holes in your enemies defence. No longer will you simply mash the attack button and hope that your skill is high enough to hit and kill your enemy before it does the same to you. Spells are now assigned to a key that can be used during combat, ridding the need to switch to a "spellcasting" mode. Fatigue no longer drops while running, so that when you get into combat you don't have to worry about how far you traveled. The combat feels nice, like you're really feeling impact, and always makes you feel like you have a fighting chance. There is also a nice addition of the enemy's lifebar over the crosshair so that you can keep track of how much damage you've done/need to do.
The graphics are superb considering the huge world you're living in. Models look very detailed, and environments (especially indoors) are quite nice up close. Things like vegetation can range from very good to standard, and while rendering does not occur until you are in a certain range, the graphics easily deliver when you put into account the low loading times and massive amount of environments available. While not quite at HL2 level, the sheer amount of data in this game makes you marvel at the detail they managed to fit into this already lifelike world. I would easily put this alongside FEAR, as FEAR was able to skimp some details due to little lighting and has relatively the same loading times.
Every line is voice acted, and acted well. Patrick Stewart does well, not fantastic, but well enough to make you glad he's in it. You'll find a fair amount of lines repeat amongst the townspeople, but I really liked the fact that they would be repeated by different species, thereby warranting different actors. The combat noises are quite realistic (as realistic as a fireball can be), and the crashes and clunks feel very meaty and lifelike. The music hasn't inspired me at all, unfortunately, which is something I love in games, but it isn't intrusive either. While I would love to have some music that will stick with me for the rest of my life (like the FF series), it's better to lack that than have a poor attempt at it grate into my ears.
In terms of value, $50 for a game that will last literally hundreds of hours? Um, sure! With a market saturated with overpriced games offering little gameplay and some official licences, "Oblivion" should have been priced at around $200 if you wanted to sell games based on playing time. But it's not, because the makers of this game love us and love their games. The only thing that might not be of value is for PC gamers to have to upgrade their rigs for this game, but it's about time you did that anyway, considering the amount of high-level games coming out with high-level requirements. No disrespect to those who just can't afford it (try to find someone to build you a computer, it saved me thousands).
This game is so big, so immersive, so intricate, and yet so easy to pick up. It is everything I dreamed of it being after playing "Morrowind", and the sheer amount of detail in this game shows the level of effort put into it by the developers. One of my favorite aspects of the series was the fact that the makers seemed to want to really create a living world, down to the massive amounts of literature that line the shelves of "Oblivion". To have the feeling that they put everything they could into making this the best experience possible makes you really appreciate what video games can accomplish. I can honestly see this as a large step foward in gaming.