And now, some different complaints (not that this is stopping me at all from running through Oblivion again)
Enchanted items and clothing - I can find items that have multiple effects, but I can't make them anymore? Bullshit.
Guilds - We have established the Dark Brotherhood and the Morag Tong. We have also established the Fighters Guild and the Blackwood Company. And now we have the Mages Guild and the Necromancers. Why not have competing guilds be joinable (truly joinable, not that "take down the Blackwood Company" joining-up nonsense), and have separate quest lines for both? Perhaps, and this may be asking for a bit much, but if I join one, I can't join the other. Crazy, I know, but recall how difficult it was to join the Fighters guild and the Thieves guild in Morrowind.
If I may actually go overboard for a second here, joining the Necromancers gives you necromantic abilities, such as bringing fallen comrades and enemies alike back from the dead for your own personal zombie army. That sounded more awesome the more I typed it. Anyway...
Heading up places - I was Grand Champion in under two weeks of escaping prison. What the hell?! And the only reason it took me that long was I spent some time hanging around Anvil doing stuff after solving the Gray Prince's mystery for him. And I recently (last night) took over as Sheogorath as head of the Shivering Isles. I looked back at my journal, that only took me a week as well. Perhaps, in addition to multiple guilds doing the same sort of work, longer quest lines so we don't take over everything in a week's time.
If I think of anything else no one has said, I shall be back.
[EDIT] I said I'd be back.
Unique items - Since my characters are always packrats (you never know when it'll come in handy), I think I can safely say that the majority of "unique" items in Oblivion (some of which I have several of) are simply regular items with enchantments I'd never put on there myself. Again, bullshit. When I think unique items, I think Trueflame and Hopesfire. Those were great: swords which are on fire! Awesome! Plus, I could actually use them as torches! That was some deep thinking that went in to those weapons. What do I get in Oblivion? Oh, look, a Truncheon of Submission, it's a damned ebony warhammer with damage health enchantments (there is a "Truncheon" in game, I don't know what it actually is, though). You know, that's great, since I already have six of them.
Story - What the hell? I break out of the Imperial prison (THE IMPERIAL PRISON!!!) (!!!) and somehow, no one notices? No one calls into question this prisoner carrying around an artifact of the emperor (aside from Jaufree, who quickly decides I can be trusted)? How does he know I'm not the one who killed the emperor? Now, Morrowind (never played any TES before then), I find I'm supposed to be the Nerevarine, get shunned for daring to suggest I am (as many others have before), having to convince everyone and their dog that I am, finally getting praise for being the true incarnate, AND then kicking some ass. Finally convincing everyone I am the reincarnation of Indoril Nerevar is infinitely more satisfying than anything Oblivion threw at me, plot-wise.
Again, if I think of anything else, I shall be back.