Hmm. Maybe.
It's like what I do with Halo 3 nowadays. I play Reach but I go back to 3 to pwn noobs or make Machinima. Basically, like I do with Arena, I'll go back and then having forgotten the controls laugh at the graphics and engine and sail back to Skyrim.

I probably will go back to it in time, but if Skyrim is anything like past TES games, it won't be for a long while

I'm still playing Oblivion, I really want to get to the DLC and Morrowind, and I just hope to god I can get all of that done before Skyrim

Yeah ill still play some oblivion when skyrim comes out.. I still have my goty morrowind for xbox but no xbox skyrim is goin to be good but tes games are games you just can't let go...

I'm playing on Morrowind right now, literally as I type this. Oblivion is my #1 game of all time so I doubt a couple of hairy Nords and dragons will stop me from playing. ^_^

It pretty much depends on if Skyrim is a good game, which I have no doubt in my mind that it wont. (:
But, I'm pretty concerned about how long it will take to beat it, along with how many caves and dungeons there are. Skyrim is REALLY small.
What if the games too short? :/

That all depends on how well Skyrim is made, one of the main reasons I went back to Morrowind was because there were some awesome things that Oblivion missed out such as levitation/mark and recall which were awesome things. The rare daedric armour set is also amazing instead of everyone and their grandma having a set of it.

I played MW on release and until Oblivion came out. Tried going back to MW once in a while but couldn't get away from the "been there done that" feeling (only because I actually played it that much). I imagine it'll be the same with Oblivion when Skyrim gets released.

Edit: I've also been playing Oblivion since release.

Assuming it's good and easy to mod, I won't be back to oblivion.