Well I just got Oblivion (PC version) yesterday and so far its a good game. Definitly one of the nicest looking games I've ever seen. Gameplay is similiar to Morrowind, with the menus more steamlined and functional. You can ride horses this time around!!! I just got my first horse and spent several hours just riding about, exploring the landscape.
Getting around is much easier now (besides the addition of horses) as there is a features called fast-travel added. Basically all you do it chose the place you want to go on your map. The game automatically adds the traveltime to your log and you appear at your chosen locale....no more dreary walking from place to place.
Can't really say alot more about the game as I'm only a few hours into it.....however if you are thinking of getting this game be warned, you'll need a powerful machine to take full advantage of it.