I couldn't find an existing topic for this so I figured I'd start one to bring attention and discussion to this.

http://www.nexusmods.com/oblivion/mods/45749/?

Alenet is apparently rewriting or forking off (programming is not my forte so apologies if I'm using the wrong terminology) OBGE, incorporating his previously released work (Improved Waters, Enhanced Grass, and a Cell Buffer purging script) into this. This looks promising.