Well, I would really like to play WAC for the realswords and the variety of the new, well textured creatures, but I play OOO+MMM at the moment, so I don't think it would be compatible.
I played FCOM for some time and I didn't liked it. It was a pain to make it work (and I made it at the first try when I was not subscribed in these forums. I had to learn to bash patch, load order and troubleshoot by myself). Despite the effort put into it, I found that the world was way too cluttered with creatures with nonsense, and too much player-centric. Everyithing attacks the player, maybe ignoring the fights they were making previously. And with Oblivion XP it was simply too easy to level crushing goblins skulls (there were dozens at each spawn point). So I dropped both, I kept OOO+MMM, I switched to nGCD+ Progress, I kept Waalx Realswords, I used Armamentarium (but I dropped it later, because of the new, but not new things, simply retextures of existing armors and weapons with different stats) and many, many quest mods, in conjunction with mods not compatible with FCOM, but which made my game much more immersive and funny.
I don't miss the content of FCOM, but I like MMM and I simply don't want to play without OOO. It makes the world realistic, adds new quests and the balance is in my opionion almost perfect. I wish it was also for Shivering Isles.
If WAC is compatible with OOO and MMM I could give it a try, but I fear a new FCOM-ish experience.
Maybe it could be solved with OOO+WAC and dropping MMM.
Ok that's enough, I'm confusing myself and boring you
This mod comes perfectly. Adds new content which is actually new.