After months of feverish waiting I got my hands on Oblivion and found it utterly disappointing. It has some really pretty graphics and a cool story, but nothing else. The devs wasted so much time on prettying up the world and making a story that they forgot that the Elder Scrolls are not about telling a story but about immersing oneself in a fantasy world to the point where it becomes real enough to be a sim.
The dungeons are cookie cutters and boring, the monsters are all on spawn tables so at level 40 you'll see nothing but Minotaurs and Giant demons in the world. The normal wolves and skeletons are nowhere to be found, which makes little sense. The guilds are brief and big on story but not on content like the rest of the game. The map is flat, unlike Morrowind which had plenty of hills and secret paths you can pretty much walk in a straight line from one end of Cyrodiil to the other without having to move left or right to avoid things. Cyrodiil is pretty flat in the lore so it's understandable but no less annoying and boring.
Most of the issues in this game can be solved with modding so I would get it on PC. Your going to need a hell of a lot of mods to eliminate this game's utter patheticness however.
If this was another RPG brand Oblivion would not be a bad game at all, but it soils the elder scrolls name.