Oblivion when viewed in isolation is a brilliant game, bit if you played and loved Morrowind it was severely disappointing. For me Oblivion was good, but only when it was modded to be more like Morrowind. First of all the leveling enemies, in Morrowind there is a real sense of progression, yes you are as weak as a small kitten at the start but by putting in the work you can reach the status of a god, and it is all the more rewarding for the time and effort you have put in.
Then there is the depth, Oblivion had a rather cut down class and ability selection, there was a significant amount of character customisation available,allowing you to create a unique skill and spell set, granted they weren't as polished with some skills being pretty much useless. There were many factions to explore with a huge number of missions and side quests with the result that you can return to the game after a long time and have a unique experience. Within a few weeks of playing Oblivion I felt I had seen everything there was to see, the scenery, dungeons and architecture is generic and repetitive. But years later I was still seeing unique things in Morrowind, for example the Daedra statue missions, something to which you are led by the hand in Oblivion, I had no idea they even existed until I stumbled upon one with my 3rd character, another huge set of missions with unique rewards. There were a huge variety of unique items, weapons and armor available to reward simply going out and exploring, a motivation that Oblivion sorely lacked.
The combat system was piss poor, magic was pretty useless and it ran like a dog on the pc I had when I first played it but it made up for it in sheer depth and charm.