Oblivion was my first Elder Scrolls (first RPG, in fact), and I love it. Possibly, the best value game I've every played, I've long ago completed the main quest and most of the others, but am still finding new buildings, items etc. Downloaded Shivering Isles last month which is just adding to it.
Hopefully, the FPS will be a bit smoother than on the Xbox 360 too!