/EDIT: since this is about Skyrim and not Oblivion let me show you the glory of 4xSSAA in Skyrim
http://img859.imageshack.us/img859/4752/tesv2011121000235793.jpg
No anti aliasing:
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http://img716.imageshack.us/img716/6530/noaac.jpg
Nothing really needs to be said. The game suffers from serious pixellation and brings pain to the eye.
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4xMSAA
[indent]http://img829.imageshack.us/img829/5238/4xmsaa.jpg
the jaggies on the level geometry are gone, but the ugly foliage pixellation remains.
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16xMSAA
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http://img46.imageshack.us/img46/5558/16xmsaa.jpg
not much an improvement over 4xMSAA, still ugly. the leaves and grass are pixellated and the rocks on the left side show some shader aliasing.
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4x Adaptive Anti-Aliasing.
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http://img191.imageshack.us/img191/8840/4xaaa.jpg
Now this is where it should start to be interesting. AMD's adaptive anti aliasing performs multi sampling on transparent textures and does indeed make them look smoother. the pixellation on leaves and grass are more or less gone but still visible. still, a significant improvement over traditional multisampling, but the grass is still somewhat pixellated (it looks even worse when in motion). shader aliasing still present in full glory[/indent]
16x Adaptive Anti Aliasing
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http://img69.imageshack.us/img69/7004/16xaaa.jpg
definitely an improvement over 4x Adaptive AA, but still with the same issues.
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4x Super Sampling Anti Aliasing
[indent]http://img193.imageshack.us/img193/3159/4xssaa.jpg
This is the king of all the AA modes on AMD hardware. Obviously looks worse than 8xSSAA or 16xSSAA, but it can still run games like Oblivion or Skyrim without any extreme performance drops. No pixellation, whatsoever. Not a single unevenness. No shader aliasing, no transparency ugliness, nothing, not even when in Motion. Radeon 5900 / dual 5800 / dual 6800 / 6900 hardware recommended.[/indent]
2x Super Sampling Anti Aliasing
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http://img192.imageshack.us/img192/3526/2xssaa.jpg
4xSSAA's small brother. There is notably more aliasing and I'd say it's rougly equivalent to 4xAdaptive AA. the devi'ls in the details though. When in motion, 2xSSAA shows its superiority over 4x Adaptive AA. There's less flickering and a generally smoother experience. This AA mode should run perfectly well on a single Radeon 6800 / 5800 class card. [/indent]
As you can see, at least in the case of AMD Radeon owners with 5900+ GPU power, 4xSSAA is the AA mode you want to go for in Skyrim or Oblivion. Radeon5800/6800 class users should consider 2xSSAA over 4x AAA. Either way, do not use FXAA unless your GPU is too weak to handle real AA modes.