Yeah, I'm a bit worried it will be too much like oblivion as well (maybe more so because I didn't like Oblivion much, too many flaws/bugs + crappy combat make for lack of immersion)
After watching some of the more recent footage, my hope for the game has actually waned, because it looks a lot like oblivion in many ways, just with guns and better graphics. Still, the amount of choices seem to have increased and so has their relevance (unlike in oblivion where you are often forced to say one thing, or when you do get a choice it's totaly irrelevant, because the NPC says the same thing for all of them.)
Even if it's not as good as it looks, I'm sure it will be fun, because oblivion wasn't bad, and Bethesda seems to have refined the ideas they put into Oblivon and erased many of the flaws.
Here's hoping it's a decent game.