So I finally bit the bullet and purchased Oblivion Deluxe GOTY from Steam. I played it years ago. Loved some of it but turned off by leveled creatures, boring combat and soul-less dungeons.
I am in the process of installing FCOM and Deadly Reflex. So that should be two out of three.

Right now I am looking for some mods that gives ... unique feeling to the dungeon. Like Unique Landscape but for dungeons. Something that will make dungeons have back stories, mini quests. Give it an illusion that it is something other than placeholder for monsters. That something has happened before I get there. Dungeons with a soul.
Do we have anything like that in the current list of completed mods ?

Well, there's this: http://www.tesnexus.com/downloads/file.php?id=40392. Revamps many of the vanilla caves.
Then, if you're running FCOM, you should be using http://tesnexus.com/downloads/file.php?id=25078, (not the old Living Economy that comes bundled with OOO). This adds merchant quests that give you a reason to go diving into many vanilla dungeons.
Also, http://www.tesnexus.com/downloads/file.php?id=26219 gives a lot of backstory to many of the vanilla characters and locations.