Hey, I just downloaded the Nehrim thing and I'm reinstalling Oblivion - what's the latest patch out? Somehow I thought that it was 1.31 but the Oblivion site only goes up to 1.20416 - I've got SI too. What do I need to get?

1.2.0416 is the latest official patch, you do not need anything else.

Adding to this, if you have Oblivion GOTY edition and install the entire package (vanilla, KotN, SI) you are already up-to-date and don't require anything else (so far as official patches go).