i7 930 @ 4ghz
Radeon HD5970
6GB Dominator GT's
X-Fi Xtremegamer
WD Blue 500GB
Given the above specs, I play Oblivion pretty smoothly at max, with some AA forced through a RadeonPro profile. However I still experience FPS drops on certain areas (Weye, cities, waterfront, Imperial Capital, etc.) despite none of my resources being maxed out at all. None of my cores hit 50%, and my GPU cores never go above 30% in these areas. RAM usage is pretty low, and my HDD isn't thrashing either, so it's not that. My Oblivion.ini is still the same as from my previous build (Q6600, 6GB DDR2-800, same GPU). Removing my forced AA doesn't help either, other than reducing my GPU load while FPS stays the same.
So yeah, I notice none of my components being overly stressed, yet I get FPS drops. What could the problem be?