Remember the Radian AI showcase video?
Also, http://byblos.2.forumer.com/index.php?showtopic=155 a collection of dev quotes from the developement of Oblivion. That's pretty... well, you decide. Anyways, Skyrim does look pretty, sure, but don't swallow the hype without chewing.
read the quotes ... they were proud of what they'd accomplished. its definitely not ALL 100% true, but that's in hindsight, and I'm sure it's hard to see that when you're so hyped on what your team has been able to do. also i find Oblivion gets a lot of flack in comparison to Morrowind... I'm actually playing it for the first time through ATM (morrowind, that is) and have played Oblivion... well you don't wanna know how much I've played Oblivion. I don't wanna know. anyway honestly the dialogue in MW is largely crap - incredibly robotic, and you can ask like every NPC in that game like 16 trillion questions, which they ALL give the exact same answers to by and large... AND most of it is scripted, which is a [censored] of a lot easier and cheaper to do than voice acting. there is definitely a lot more depth to the world, and the lore around MW than Oblivion, I will give you that... and its something I really hope they bring back with Skyrim. and definitely, Oblivion took on much more of the "godmode" thing you peeps all [censored] about, where skill abilities were not as well represented in-game.... but i digress.
I loved Oblivion, it was tons of fun to play... same for Fallout 3 and NV, and I'm excited as [censored] for Skyrim and Fallout 4, and have no doubt they'll make me happy at least (and probably hundreds of thousands / millions of others). I want my deep plots and storylines, I want to be challenged in the gameplay and would like to be able to specialize in a set of skills rather than just be great at everything... but I also want games that are tons of fun to play and have really dynamic, visceral action. I find Bethesda has done a pretty damn good job consistently of negotiating what is a f*&^ing s*&^load of different features for any one game.