Well, I haven't exactly read through the entire thread (Yes, there isn't that much. Yes, I am lazy) but I have to say that I rather enjoyed Oblivion despite it's downfalls. It's fun, good graphics, and a decent amount of quests to keep you occupied.
On the idea of the quests though... There just weren't as many as Morrowind. I found that the Guild quests in Morrowind took longer to complete and there was more of them. Although I admit... I loved the Dark brotherhood quests. Something about ruthlessly slaughtering people for riches appeals to me... Anyways, I would have def. liked there be more quests to do in Oblivion.
On the topic of quests still... I would have REALLY enjoyed that being a Vampire in Oblivion meant more than just a little power-boost. Like, oh say, a special set of quests to accomplish like in Morrowind. Instead it's just like "Oh wow... I'm a vampire. Big whoop." BUT, I LOVED the quests for The Shivering Isles. That whole expansion thing was a great idea. And kicking the ass of a giant monster with chainsaw-like arms was totally sweet.
The graphics were awesome. That's pretty much all you can say about that. [I'm running Oblivion on my computer with graphics and all that jazz set to max. So I really like the graphics.] Music was still really good.
Ah, the fabled level system. Can't say I'm a fan of it. I much preferred being able to reach that level where my character is simply a "God". Of course it'd be nice if the game still had those certain enemies that could match you. Like in Morrowind, my character was Godly and all that but I still ahd to be careful around those cursed werewolves.
The main quests is pretty fun, although I liked the total freedom you had in Morrowind. So far it seems like that main plot in Oblivion is linear (I have yet to beat the game, close though. Just haven't had enough time to) whereas in Morrowind I could just get myself Keening, Sunder and Wraithguard (is that the name? I can't even remember anymore) w/o even seeing Caious! And I could go beat up Dagoth Ur as well, and go into Vivec's temple and kill him, take his Wraithguard and I got two! xD
I would've liked if each Oblivion gate sort of had this "mini-boss" you had to beat before you could close the gate. Otherwise I can just run right through without killing and fighting anything.
All in all, I loved the game. It's still hella-fun and addictive (just doesn't keep you addicted as long as Morrowind did). WOOT FOR BETHESDA.
My character is a masta thief. My invisibility spell makes me l33t. Thankfully if I'm ever ina pickle I can just cast that and sneak away/sneak attack that bastards. xD