IMHO the graphics in skyrim are good...but let's take a look at some of the other blockbusters to be released in the time range: mw3, bf3, crysis 2. i know they are fps games but i am talking only about graphics here. i think it is fair to say that skyrim is noticeably behind in graphics compared to bf3 adn crysis 2. mw3 will look somewhat the same as mw2 which has even/better graphics.
and now let's look at the games released in the time range of oblivion: gears of war, saints row, lord of the rings, GTA, and even in 2007 there was cod 4. oblivion's graphics surpassed or came up even to all of those.
so my point is, in 2006 the TES game of the time was next to the leader in graphics with maybe a few exceptions. now it is not so much. I know graphics aren't all that matter, but still something to consider.