As close to Perfect as a Game can be.
I have to say this game is just great yes it does load up other areas but doesn't really affect gameplay at all when you see how big the world is especially. If you can play halo and deal with the loading it does its much the same here which is just a small stutter then its done. I have no issues with loading going in to houses and what not because its not all that bad. Its never too long it gives you a very brief break.
The combat in this game is so much fun for an rpg, no not turn based nope not like an auto attack or anything like that it is first hand combat different power moves to do and everything. Different weapons and everything its just great how big this world is.
Anyways i havn't said much that hasn't already been said but i will say this, take an mmo, strip away all the annoying crap and take it offline and add a whole bunch of features and you have Oblivion.