Notice the shadow reflections. They look really dull at the peak, not much detail or shape to them at all.

Is this one of the draw distance LOD settings that I can change in Oblivion.ini, or is this something that is unalterable?

http://img.photobucket.com/albums/v375/w_e_a_p_o_n/Capture.jpg

http://www.tesnexus.com/downloads/file.php?id=23372 should fix it, but I have not tested it yet.