I am playing Oblivion now, still at the beginning. It's the Anniversary 2001 edition with the expansionpacks included. So am also fiddling around a bit with settings and controls as well. What I wonder is that Oblivion still asks a lot from my computer.
My processor is a Core i5 2500k running 4200mhz currently with high end Noctua cooling, so that can't be any problem.
My graphics card is an Asus GTX550TI and I'm running the game in a 1440x900 window (desktop is 1680x1050). Medium card these days but it seems it still has some trouble running Oblivion on nice settings. How can it that a 2010/2011 card still has it tough with a 2006 game?
Maybe I have to finetune more and more, but I just like to hear what other people play on these days and how they cope with the games many settings.