That part is a bit foggy really.. will it be better yes has to be by now its almost impossible not too xD.. but how much better is the question Oblivion High vs 360 wasn't too different in all means mainly because they kept almost everything and limited options. For example draw distances and AA
That's because the xbox 360 wasn't that much worse than most gaming PCs at the time....that has changed. Todd said the game would ship with higher textures for PC along with options to really boost the graphics on high end PCs.