It's been nearly a year since I've played Oblivion, and the last time I used LOOT, it caused me a bunch of problems, most noticeably constant CTDs when launching the game. Another player experienced landscape textures since LOOT put Better Cities too high up his mod order IIRC.

Did LOOT improve for Oblivion? Or should I just stick with BOSS?

Stick with BOSS. You can follow the Bethesda Forum Thread http://www.gamesas.com/topic/1515293-rel-boss-for-oblivion. I just posted an update to the master list in fact. If you ever have problems with the GUI updating, you can download the latest master list http://www.nexusmods.com/oblivion/mods/45765 on Oblivion Nexus or http://www.theassimilationlab.com/forums/files/file/1102-boss-masterlist-for-oblivion on The Assimilation Lab.

Thanks for the heads up.