All I can say is I spent $150ish on Oblivion when it was all said and done but that money got me well over 400 hours of entertainment, if not more. I've played through Oblivion three times in full with three separate characters and I've gone back to old characters to do some random exploring on occasion. When compared to how much entertainment I get out of a movie, for example, I think it's safe to say that I got more than my money's worth out of Oblivion.
From what I can see of Skryim so far, I don't think it will be any different.
EDIT: Ironically enough, my first character was a Nord and he was always my favorite. I'll be doing the same in Skyrim.