The Elder Scrolls IV: Oblivion is a must-buy for any 360 owner.
Gameplay is alomst the same as Morrowind. You can play the main quest or go out and explore and do side-quests, join guilds, stuff like that. There are 5 guilds to join: the Arena, where you kill competetors, the Dark Brotherhood, where you kill people, the Mages Guild, where you must complete quests, the Fighters Guild, where you must also complete quests, and the Thieves Guild, where you take stuff and get gold.
Combat is better. You can use spells, attack things, stuff like that. You can see the enemies life bar, actually hit your enemies, and use some cool weapons. Stealth is also here. When you crouch, you are sneaking, and can get bonus damage if you hit your enemies while they don't see you. You get 1x, 2x, and 4x bonus damage. As for the weapons, they are pretty powerful, and have some cool designs, like the Umbra sword, which pwns!
The graphics are great! Character models look good, animations are good, dungons are good, stuff like that.
i did come across some bugs. Once, I got stuck while near a door, and I could not move, stuff like that.
Anyway, I suggest you buy this game. It's worth your 30 bucks.