No, it offers much, much more than Skyrim has, and if you're one who plays "OP", this game will hand your ass to you on a platter, and laugh while doing it.
Oblivion takes something Skyrim doesn't need: skill. From the second you create a character, you had best play the character as intended. There is no "going back" to fix issues in the game, because leveling is dependent, heavily, on the skills you pick.
Because of this, the game is hard, early. For the first 15 levels, you're going to find it difficult, as many enemies are much stronger than you are. While you can explore, those enemies in caves and forts will match and exceed you.
At around level 12-15, things do get better, because at this point, you should have all the recommendations from the cities to grant entry to the Mage's Guild, an absolute necessity if you're going to play as a mage.
For non-mage characters, the only enchanting you can do, outside of the Mage's Guild, is using Sigil Stones found inside Oblivion gates. Sadly, these are random, so you may end up getting crap early on. However, at later stages, the stones do get better, and stronger, for their attributes.
Sigil stones do not offer dual (or more) enchanting, so if you're looking to customize weapons, you must get the recommendations! Warning: these quests are not easy at early level, so be prepared for some good fighting.
Horseback riding svcks in Oblivion, so I'd recommend you save your gold. Boost Speed often, as this will make is to you really fly through the much larger gaming area that is Cyrodiil.
You can buy your first house for 2000 gold, which is outside the Imperial City, but you'll need a high Speechcraft skill or high fame. Otherwise, the council won't even offer you the house.
Speaking of Speechcraft, that wheel is a pain in the ass to deal with, which boosts an NPC's rating. Most will require a 70 to give up any information/sell, and it's tricky to learn, so practice, practice, practice!!! Either that, or spend lots of gold bribing them.
The game lags on the 360, with constant "area loading..." messages. Reduce speed when this message pops up, and it reduces game freezing. This is important when there's quite a bit to render in the area, especially when other enemies/people are in the same cell.
Shops have a fixed amount of gold, so if you're a hoarder/seller, bear this in mind as you level up, because a blacksmith in Skingrad has more gold to offer than the one in the Imperial City. In addition, you can not sell any item if the worth is higher than the shop's gold limit. This comes later in the game, usually, as enchanted items can run into thousands of gold, worth, but a shop's limit is only 1200. Remember: prices are dependent on your Mercantile level. In truth, you don't need to sweat Mercantile because you'll have much more gold than you can spend at later levels.
If you want to make gold fast and early, ingredients and potions add up really quickly. You can find alchemy gear at any Mage's Guild, once you're an associate, and most are on shelves you can take (and sell back to them, haha). Ingredients work well because you can carry a ton of it with little weight restriction, rather than trying to rush back leater and iron gear. Remember the cost:weight ratio, as many things in Oblivion weigh quite a bit.
As for quests, they can start by listening to conversations, talking to people, or being the main. There's plenty to do, and Oblivion's going to keep you busy for a while.
Now, as for the MQ: Once you're told to head to Chorrol, you have two options here: do the quest or just run around. I recommend you do the quest up to your first Oblivion gate, and close it. Why? Because at this level, you have a better chance of closing the gate without too much of a struggle. It'll be tough, but you can swing it. Once you close it, then you can set out to explore, but I often recommend doing one more task for the MQ, and that's playing the escort mission. Not only do you get back up, but it'll get your feet wet.
Lockpicking in this game is too easy, and you should be able to figure it out pretty quick. Just watch the tumbler speed, and you can unlock even the most difficult locks at level 1.
Alchemy is a pain in the rear in this game, because you can only combine ingredients (two, early, 4 later) which share the same base. In other words, you can't mix a "Resist Fire" ingredient with a "Resist Health" to create a new potion. The bases have to match, and so, early, you'll have quite a bit of ingredients that won't work well together, but alchemy is awesome later in the game, so build up the skill. Those poisons can make or break a battle!
DO NOT BUY WEAPONS AND ARMOR AT SHOPS! Seriously, explore to get it. The only thing you should buy at shops are arrows (if you're an archer, because they drop at such low rates) and repair hammers (or find them in crates in cities, but just don't get caught taking them). Repair hammers are more critical than paying someone to fix your gear, so use them OFTEN, as lower ratings = less damage/protection (excludes magical gear until you reach appropriate Armorer level).
If you're a mage, I highly recommend you get to a goblin cave ASAP, as the Goblim Shaman will have a staff that's extremely helpful. There's one at Fatback Cave, just south of the Imperial City. Warning: those goblins are tough, but the reward is absolutely worth it as the damage that staff can produce is far, far better than anything you can throw out. The staff damage type will be random, but powerful!
If you plan to stick to the road, be careful. There are many enemies on the road, which makes me wonder why residents say to stay on it.
But to answer your question: YES! Get the game, then marvel at how awesome it is compared to Skyrim. It's not as pretty, but it's better, I think.