There are 3 different versions available:
1) with ENB version 100+, which is used in most other enhancers for Skyrim. Unfortunatly it relies on some internal Skyrim shader registers and shows only a grey screen in Oblivion, however I suppose it is easy to fix for Ethatron or other OBGE gurus...
2) ENB v0.96 with palette tonemapping. Works in oblivion but I don't like tonemapping (color tint/mood). But there are tons of palettes available in internet (google enbpalette.bmp file), and some of them indeed look quite nice.
3) http://skyrimnexus.com/downloads/download.php?id=7773 - thats the version I like the most, boosts color range and sharpens picture a bit. http://i.imgur.com/TxofL.jpg and http://i.imgur.com/hrRv6.jpg (toggle with Shift+F12 in game). And it doesn't hurt my FPS at all, can limit FPS if you don't use OSR for some reason, and have a neat FPS counter (toggle with numpad *).
So if you want some eye-candy but can't install or properly use OBGE this can be a solution. It is still an ordinary (though I believe updated) ENB series plugin, so settings are adjustable in enbseries.ini
p.s. I would still recommend to spend some time on OBGE, it is just so much better for Oblivion.