I've had the exact same problem ever since I ran TES4LODGen. Before that, I had a silky smooth framerate and zero crashes, even running QTP3, UL, and OBGE. Now, even after deleting my distantlod folder and every _far.nif mesh I could find and rerunning the distant land generator, I still crash after about 5-10 minutes in the outdoors or when I try to fast travel. I haven't tried a fresh install yet, but it's possible that's your problem. I'll be watching this thread closely.
I do not get crashes when I fast travel, but it seems our problem are the same, but mine sometimes crashes within 5 minutes sometimes crashes after haf an hour or so, its very random, but mostly within a short time frame. Mine is a recent reinstall though I remembered I did not have so much problem then, but probably is I just skimmed through the game last time. What mods do you have installed and do you crashed in interior cells while changing cells or only exterior in the wilderness?
After extensive testing I can now say that having a framerate constantly below 10-12 is a way to reliably produce CTDs within short amount of time.
Totally agreed, When I had a low fps, I had to slow down my pace and walk rather than run, as running would cause the processor to need to generate the terrain or something faster and thus making the processor unable to keep up or something? Correct me if I'm wrong.
Once you add monsters and NPCs, it is nearly the same as the old PC. Others may have a different experience, but for me, this is what it is. Skyrim, however, runs like a champ. No CTDs, no lag, and I have all the new hogh rez Skyrim textures installed.
Yes, that's what I suspected as well, I seem to always had crash when there is NPCs fighting with MM creatures in the wilderness.
With an up-to-date graphics card (460 1GB or 6850 1GB or better), the game is very much CPU-limited. Just no way around it. One would need a 10+ GHz CPU to get decent FPS always, everywhere.

Seems like it is the same problem as Morrowind which is CPU limited but I read somewhere that Oblivion's engine is more on the graphic cards.
Not I. I played that game for about 100 hours* before I started experiencing this problem; before that, I could play for an hour or so with no problems, though my FPS was in 15-225 in most places.
*This was with a dual-core, 3 GB RAM, and an Nvidia 9500 (512 MB VRAM).
I'm going to try something I just thought of - setting game resolution to be the same as native resolution. I upgraded to an ATI 5770 sometime around the time this problem started; native is 1280 x 1024, but I'm using 1024 x 768. I use native res on Skyrim, and I can run Ultra with no problems.
Edit: Well... it fixed some of my problems, but not all of them. Heh. Turns out the map I use also displays the roads from Roads + Bridges, which I'd forgotten about; they weren't displaying before for some reason (which is likely why the game often crashed when I tried to open the map), but they do now. My HUD also looks slightly different. Still having that crashing problem, though...

Probably you can like me delete some NPC adding mods in the wilderenss? It sort of seems better for me when I removed Tamriel travellers and Immersive Travellers, but I still experience that dread crash. Probably I have to remove RAEWVD but it is such a great mod.