Oblivion is actually my favorite Elder Scrolls game xD I love the magic system it had.
I never could get into Morrowind, the graphics just looked so awful and the Xbox version I had took...foreeeever to load. Too impatient. Skyrim was just so watered down from Oblivion.
I do get that it ain't a perfect game, but I've got a lot of sentimental attachment to it. A friend and I would stay up late, each with our own tv's, Xbox 360's and a copy of Oblivion and start new campaigns to see what kind of progress we'd get up to overnight.
We did the same with Fallout 3 too.