Must be time for my regularly scheduled pimping of BAIN (as opposed to manual install or OBMM).
No, I really do mean it. Why, you might ask, would I want to make things *even more* difficult by choosing the most aleborate installation procedure *as well*?! Here's the thing though - it's not at all hard to use, and what's more, it will make your modding experiences from here on in SO much more pleasant, simple, easy. In particular, should you ever need to change any little (or big) part of the install - and this happens pretty darned often, when keeping up with patches, adopting new quests, and so on. Oh, and it tells you heaps about conflicts, overwrites, and so forth -
in detail! In case you were wondering, BAIN is Wrye Bash's built in installer, and it's pretty amazing. All of Wrye Bash is, actually.
So yes, in all seriousness, I suggest adding some more complexity, in order to simplify things. And no, I am not (quite) mad.
As for FCOM itself, it's never been easier. The only major install change left on the agenda (that I'm aware of, anyway) is turning a bunch of loose OOO files into a honking great BSA. But for the most part, just keep an eye on the current main FCOM thread, as well as the component parts threads, notably those for MMM and OOO. Advice for bash tags and all kinds of other useful things are found there.
edit: And some people have benefited from reading http://sites.google.com/site/oblivionpoinfo/, or maybe BladeofMercy's thread for "50 steps to painless FCOM+++" or something along those lines. Can't remember exactly what it's called, but if you look through some pages, or do a search, it'll turn up. His approach is pretty different from my own, but it appraently works, and works well. So.
edit: Oh, a couple more essential things - keep an eye out for the latest Wrye Bash, and BOSS masterlist. In fact, the latest of everything, will (generally speaking) help a ton.