Oblivions not that old really its only what 4 years? A dead game IMHO would be almost anything from the 1990's or for the consoles noone has anymore. Besides it still has a good modding community thats got me determined to buy gotY for PC within the next couple of weeks for the awesome mods.
Besides most GoTy games never really die they just fade in and out of reality and gather a bit of dust.
It's sad to see a game like this be called dead by all my friends, so IS it dead?
Trust me, Oblivion is not dead! Plus video games are not a fashionable item or trend item at all that comes and goes out of style (unlike clothes items)! So in other words, no, Oblivion is not gonna ever die out! So keep on playing!