Its far better than Oblivion, in every way you can imagine it to be.
That being said the gameplay is simply just refined Oblivion. There are still only a handful of enemy types (Casters, People that beat on you, and now Dragons! Although the constructs are neat, too bad there are so few). While every thing you choose to do will be viable, the only meaningful decision you will actually make will be whether to level casting, stealthy jazz, or beating on things. There are only a few different types of scenery throughout the entire game, which is even more prevalent when exploring dungeons. Inventory space is still a pain in the ass to manage, especially because you can't sort storage devices. Oh and shouts are neat, but rarely have an impact on the actual game (Seriously the only one I've found that has a decent impact is distract).
I think the best way to describe it is that they only came up with so much good stuff and new ideas, but then they spread it fairly thin. If you didn't like Oblivion I don't know if I could genuinely recommend it.