I'm a huge WRPG fan, but i couldnt disagree more.
I've tried to play Oblivion plenty of times on both 360 and the PC (hells i even bough the GOTY version recently to give it a try again) but i just cant get sucked into this game.
I hate the world of this game, for me it is extremely shallow and bland. I agree it is huge , but its just not fun enough to explore.
All NPC characters are way too one dimensional. They are either good or evil there no real depth or interesting story behind them. Most of them have just uniteresting generic dialogue. And they just serve as a starting point for another "generic" quest. Compare it to world of Mass Effect or Dragon Age, Oblivion has nothing on them.
The Story is way too simple , its very short, terribly obvious and its not engaging in any way. After closing few gates i just got bored.
Some are pretty decent , i did enjoy thieves guild, fighters guild and Dark brotherhood. I also enjoy the freedom that this game gives you, but this again is kinda brought down by boring story and characters in the game.
I actually think Oblivion is one of the most overrated games of all time. And this generation there has been plenty superior WRPG's games; Dragon Age Origins, Mass Effect 1&2, Fable 2 are way more interesting and engaging at every level.
Fallout 3 is also a great game (not as awesome as the originals imo) better in every aspect then Elder Scrolls IV. Morrowind was actually much better, and so are games like Baldur's Gate Series or KOTOR.
End of a Rant.