Ironically, you just brought up perfect evidence to counter the argument that if the game looks so good now, it must look even better than it's released. Note for example the fact that one of these videos demonstrates dynamic object shadows, something that was cut before the game's release, in its place, we got only actor shadows and tree canopy shadows.
Actually you do have a point there. But in regards to what has been shown here, on a 360 console no less, I'm really hoping and praying that they don't cut anything out too drastically like before. Because you're right, the 360 version of Oblivion didn't look like it did in the showcase vids. I guess we'll just have to wait and see. Just wait...and wait...and wait....dammit.