I am about to start playing Oblivion and am setting up my control pad commands and I cannot for the life of me see how you toggle between weapons. In Morrowind it was the [ and ] keys to switch between your bow and your sword quickly and there were also the = and - keys to toggle between next and previous spell. I have read the manual and wiki and there doesn't seem to be any commands for them.

I have read some posts alluding to having to go to a menu and then select what you want but that can't be fast or efficient. In Morrowind you can change between weapons a second and change spells in almost an instant. How would you do that in Oblivion?

Sorry if I am missing something obvious.

When you're in the spell or item section, hold a number key, and a roundtable with numbers will show up for you to place whatever you want hotkey'd in it.