I have always been bothered by the faces of npcs in oblivion. they just look so ugly and un-realistic. Are there any mods out there that modify npc faces to look more realistic? Fallout has such a mod called project beauty, is there anything like it for oblivion?

http://www.gamesas.com/index.php?showtopic=1072579

Check the 8 body/face topics near the bottom of the first post.

Have you tried http://www.dreamingthepyramid.net/TNR-home.html?

Lets see, there:
http://www.tesnexus.com/downloads/file.php?id=13444 < Make Argonian style similar to Morrowind's Argonian Head.
http://www.tesnexus.com/downloads/file.php?id=5288 < Make Female NPC a looker rather than an alien.

Then there http://www.tesnexus.com/downloads/file.php?id=22787. Giant overhaul that pretty much give the whole game world that anime vibe.