I'm running Oblivion on a relatively high-spec machine (i5 2500K, 8GB RAM. nVidia 560 Ti) and even with a lot of mods, I get a constant 60fps in most places, even with all graphics settings on ultra high.
However, in the Imperial City, mainly the market and the dockside, frame rates plummet. I can't tell if it's due to the number of NPCs or the textures used in the city, or something else entirely. Any help appreciated,
P.