My guess would be that it can play Oblivion on high settings comfortably, but what about with Qarl's texture packs? I'm asking because I have narrowed my laptop choices down to two and one is new and has this card, and one is refurbished with a GTS 360M, which I know is better, but I'd rather have a new laptop than a refurbished one.

The 330 should handle the game fine vanilla at a mix between medium-high settings. I really wouldnt even go for graphical enhancement mods. With the combination of that card and probably a slower laptop HDD it would cause a lot more stuttering then I personally like.