I have Oblivion on both pc and ps3 (I bought the GOTY version for ps3). The ps3 version looks very good, but the pc version does look better if you have pretty good hardware.
Having said that, I only play the ps3 version now, so it's not that big of a deal. My only real complaint about the ps3 version is that sometimes the shadows look a little blocky, but other than that, it's pretty much the same.
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