the game itself sucks, but it doesnt look bad. I played it, tried to mod it, finally just put it away. Its not just boring on the 360 and ps3. Its boring on every platform, though the PC has its mods, still very little can save it.
The problem with vanilla oblivion is that its scaled. Meaning when you level everything in teh world levels with you. No matter how much you explore, you wont a better sword or a rare beast, because nothing is rare and nothing is hidden. Once you hit level X through out the world every bandit suddenly spawns the rarest armor in the game, which is funny cause they all have it. Theres not point to exploring because its all gonne be the same. You can beat the game at like level 3 if you wanted to, and at level 1 be the grand champion of the arena. It doesnt make much sense.
Oblivion was one of the worst designed games in the history of mankind, which is why I have to wonder why places gave it such a high score. Its just a hack in slash with no rpg to it, no purpose.
if you have a chance i would take it back. It wont speed up or slow down, it will be the same the whole way through. Every solution is solved by killing, all look is generated by level, nothign is rare. Monsters will always be around your level, so you will never feel very strong or very weak. Its just the same.