Morrowind was one of my all-time favorites, so I had high hopes for Oblivion, as the only real issue I had with Morrowind was the combat being based on luck and skill level rather than if you actually hit your enemy.
Unfortunately I've not been too impressed so far. I hate the minigame you use to get people to like you more, and it just seems a far more bland experiance than I remember Morrowind to be. It could also be because I played Fallout 3, one of my new all-time favorites, immediately before starting Oblivion, and set my expectations highly after hearing that "Oblivion is just Fallout 3 with swords". Bollocks is it.