I agree Oblivion had some shitty graphics, but it was still a fun game for me.
Only other issue was that it became a little too tempting to crank the difficulty down till you become an Immortal God. I know I should be more hardcore then that, but they fucking put the thing there, how can I not want to play with it?
The best item collection ever in a game. EVAR. I'm addicted to collecting unique items, specifically armour/weapons/clothes and the sheer scale of the different armour sets, plus unique magical items (not including create your owns) is amazing. I'm still playing Oblivion years after its release and STILL finding new magical items.
Oblivion is huge. I mean seriously huge. Even after all this time, I've still not explored every cave or completed every quest (inc side quests). It might mostly be due to me not playing playstation for more then 3 hours at a time, and thus having to concentrate on one game (usually a COD based one) but I've certainatly put in plenty of man hours in the game (Total days passed in my current save: 398. Obviously waiting/sleeping affects this, but I generally avoid waiting whole 24 hour periods if I can help it. First save I got up to 180 something days passed before hardrive /life'd on me.)
Graphics..... Need some work. Requires you to basically ignore how crap they look, especially close up.
Difficulty too tempting to change, especially when the lowest setting makes certain the only way you can possibly die is falling off from a tall height or drowning. All monsters fail when they hit you, doing very little damage. The fact its a slidy bar you can change at any point in the game is what makes it even more tempting to play around with, diluting your achievements.
Level scaling seems a bit off/clunky and the enemies generally stay the same comparitive power level as you advance. Later levels =/= more challanging, even on standard difficulty settings, which is sad.