Its no Morrowind, but still fun if you give it time.
The graphics are very good, fantastic if you consider how early in the Xbox 360's life span this game came out. Everything is extremely well detailed, and there are some pretty impressive textures. The game actually features a pretty robust physics system, and interacting with the environment is pretty convincing. There's some really awesome lighting effects, like when you walk out of the sewers and into the daylight for the first time, that's an awesome experience. Grass and trees sway in the wind, and the whole world goes through a night and day cycle. Oblivion is truly one of the most immersing games around. That's not to say it doesn't have its problems. This game is a mess. Its riddled with glitches, some that will permanently stall your progress if you don't have a previous save you can start over from, so save often. There's more object pop-in in this game, than I have ever seen before. There's also many time where the game will suffer severe frame-rate drops, almost to the point of freezing. In fact, the games does freeze ever so often, so once again, save often. The game also makes my Xbox 360 make scary noises that make me think it will either explode or go RROD. Beautiful game, but also a technically faulty one.
The soundtrack is surprisingly well done, with a very epic feel. The only problem is that it's highly repetitive, and you'll soon grow very tired of it. The voice acting is good to, and as a pleasant surprise, every character and conversation is voice acted. Weapon effects are especially good, and the clanging of steel on steel is very satisfying and believable. Overall a very solid job with the sound.
Game-play is where the controversy really begins on this game. Most hardcore RPG fans will consider it dumbed down this time around, and not as deep as Morrowind was. I would have to agree. At the same time, the basics of combat have been much improved and this not only makes the game more enjoyable for me, but also makes the game much easier to get into for those who haven't played an RPG before. I'm willing to sacrafice some depth if it make the game more fun. The game is incredibly easy, and if you have to turn it up to it's highest difficulty setting for enemies to pose any sort of threat. You can also get through the main storyline in about 10 hours. The side quests however, probably provide more than 40 hours of extra game-play. In fact, I had much more fun with the side quests and working with the guilds than I did with the main storyline. You'll definitely get your money's worth here, that's for sure.
It truly is an amazing game that deserves to be experienced. However, it has the most severe technical problems I have ever seen, and has what some would claim to be dumbed down game-play. If you're a WRPG fan and can handle it's problems, you'll probably love this, otherwise I have a feeling you might be better off looking elsewhere for your gaming needs.