Are you playing on a console or a PC? How much do graphics affect your enjoyment of a game?
If you're picky about graphics and you're on a console, then I'd say skip it. The tone and style of Oblivion is a little less serious than the Fallouts. But just a little.
Otherwise, I say go for it. Having it on the PC opens up access to mods, which can basically allow you to make the game however you want it to be if you aren't satisfied with it unmodded.
If your concerns about its age are not because of the graphics, then I'd need more information to give accurate advice.