Is there a mod like the d3d9.dll fix for Fallout 3 but for Oblivion? In Fallout 3, this modified dll "tells Fallout's FaceGen system to use a certain method that generally works much better for everyone. FaceGen is what causes the slowdown when looking at NPCs." The mod for Fallout 3/NV can be found here:
http://www.newvegasnexus.com/downloads/file.php?id=34970
I tire of my framerate dropping to 15 when I have more than 3 NPCs on screen...