That didn't even really look like Oblivion. I'm not sure if that's a good thing or if it's just fancy camera work and scripted events intended to make things look cooler than they are in-game.
Regardless, that looks awesome. I think what's most appealing to me is that it takes place in The Elder Scrolls setting. Here's hoping for an English translation.
Edit: Just saw a comment on that trailer on Youtube that they
will be making an English version.