The horses to me where horrible in oblivion they only had one speed, and if your speed was high enough you could actually out run them the only time I actually wanted to ride one was to get over some steep hills but other then that I found them completely useless. you had to get off of your horse just to see who was chasing you because the camera doesn't turn all the way around and you couldn't attack while on the horseback you weren't even aloud to use a simple spell while on them.to me horse riding in red dead redemtion and horses period looked better felt better road better then the one's in oblivion but to be fair oblivion is four years older the red dead.
hopefully bethesda does something about there horses in skyrim I'm pretty sure they did I remember when I found the unicorn in oblivion that was actually refreshing but lets hope to see something like this as a easter egg in skyrim.
http://www.youtube.com/watch?v=cQLROtnPd1o
Beautiful isn't she, somethimes I just want to burn it down to the ground.