My computer lags too bad to make the game fun, but I do think it has a higher enjoyability than Oblivion has.
The main reason is, I like the exploration, and the combat a LOT better. There are actually cool places to find and things to do.
HOWEVER! I like Oblivion more for it's stealth, and OPTIONAL ranging combat (which sucks ass btw).
Oblivion has TERRIBLE combat. You either win, or you don't, and there is no excitement in playing it for such a purpose. Exploring is rather dull and unimpressive as a side activity as well. However, like I said, the Stealth is fun. Breaking into guard houses and stealing all their armor is a fun way to get money, running from the law is also fun. There are no giant mutants that will chase you for miles, or evil, angry, super-fast bears that want to rip off your testicles. Oblivion is a rather fun and good game to play for the ROLEPLAY part of it.
Side Note / P.S. - Oblivion has better quests. Yes, they are, don't argue. Admit it. If you don't agree, then lie about it.