Hmm. Haven't seen much discussion on companion mods in quite a while other than 'http://www.gamesas.com/topic/1395981-best-companion-mod/' and 'http://www.gamesas.com/topic/1409441-do-you-use-any-followers-in-oblivion'. Mentioned there are:
'http://www.gamesas.com/topic/1081154-relz-companion-share-recruit-v3-thread-7',
'http://www.gamesas.com/topic/1287573-relz-companion-vilja-ver-404-thread-no-12'.
Of course there are a host of individual companion mods, depending upon your preference in their abilities. One I've seen recommended (in addition to Vilja of course) is 'http://www.gamesas.com/topic/984096-rel-ruined-tails-tale-30-a-complete-rebuild', though I haven't used it myself and the appeal was more due to the associated quest line.
It is worth noting that 'http://www.gamesas.com/topic/1340768-cm-partners' (http://www.nexusmods.com/oblivion/mods/7819/?) was released in 2006, and it was last updated in 2012, though there are still companions based upon it still being released. So you will have to live with any warts on it. There is also 'http://www.nexusmods.com/oblivion/mods/5799/? by Tibixe', which lets you create your own "with any race, any face, any class, any birthsign...".
-Dubious-