I love Oblivion more then Skyrim and Morrowind. Oblivion got more humor in quests, Oblivion Shiverling Isles - Shivering Isles quest line probably best thing ever done in TES history.
Oblivion impressed me more then any book or movie ever will tho.
And Oblivion got greatest mods - FCOM for example
Oblivion with mods still have better graphics then Fallout and Skyrim and most 2010-2011 games. Especially Oblivion Sky and Oblivion Trees
I agree with almost all of the above. Although I'm no where near finished with all the quests in Skyrim, most (almost all) I've done so far are pretty basic (get this, kill that). Alot of Oblivion quests were like that too but there were quite a few very creative quests. And although I also like Morrowind, that games seems to have very, very simple quests compared to Oblivion. So quest-wise Oblivion wins in my opinion.
Skyrim edges out Oblivion in dungeons backstories. And have have been one who vehemently disagrees with the fiction that Oblivion dungeons (or landscapes) are not unique. However, Skyrim does have a bit more dungeons with a back story. In terms of dungeon design, I think it's maybe a tie, or slight edge to Oblivion.
In terms of graphics, as mentioned above, with mods Oblivion can look as beautiful as Skyrim, maybe more so in some places (and excluding NPCs which look better in Skyrim). However, that is mostly because of the beautiful landscapes. Technically speaking, if you look closely you can see that Skyrim is much superior to Oblivion in graphics, Fallout 3 is better at graphics too. But the general environment can give the impression that Oblivion as better scenery. But in any case the graphics difference close enough to certainly not discourage playing Oblivion.