Like the above poster said, Oblivion's graphics aren't difficult to get used to. You may still snicker at a couple characters after a while but after an hour or so of playing the graphics shouldn't really bug you anymore.
I think Oblivion's way more pleasant to play, the atmosphere and people are just much friendlier. Plus the quests (bar the main quest) are much better than Skyrim's, which is mainly kill this guy and get this for me and get $1000.

That said I haven't played since April

Dear me, I tried to do a pros and cons list with bullet points but it turned out as just a bunch of forum code. Weird.

Anyway yes, get it. It's more atmospheric, the cities are bigger, the guilds are way better especially the dark brotherhood, there are way more spells and magic in general is better. The 2 major cons are graphics not as good as Skyrim and the level scaling system is terrible, but both of those things can be fixed with some of the excellent mods that exist for Oblivion.

graphics arent as good. and while you might not be the center of everyones attention in the MQ thats great in the end. a few of the daedric quests are much better imo. graphics are worse sure, but hey spellcrafting. more spell types, more summonables, assassination enchantments so to speak. can enchant a hood with fire damage when equipped and reverse pickpocket it. oooh poisoned apples also. and lets not forget the most important thing of all: paintbrushes. carry a healthy stack of paintbrushes and you can climb white-gold tower.

I like Oblivion's cities much more than Skyrim's too. They seem so much more lively.