I knew Bethesda had to be working on ES:V. After they released FO:3, and then FO:NV was announced and that Obsidian was doing it... I thought to myself "If Bethesda isn't doing the new Fallout... then what are they doing?" I concluded that it must be the new Elder Scrolls - and I am happy that I was correct. I am super pumped up about this. I hope that they have taken notes on what worked well and what didn't with Oblivion. Oblivion was a great a game - but I felt that it was lacking in certain aspects when compared to Morrowind. Particularly the story, and mission design.
I've owned Oblivion since it was released for PC, and I have never completed it. The farthest I've been in the MQ is Kvatch, and that's it. I do plan on actually beating the MQ before Skyrim releases. However, currently I am playing through the Nehrim mod. The mod is amazing, it's a whole new game. It definitely breathes new life into Oblivion and should hold me over until Skyrim.