implementation of facegen is often criticized (and FO3 had a much more refined implementation)
I actually preferred Oblivion's faces over Fallouts. The hair in Fallout looked heavily illustrated and just poorly done overall. The eyes looked lifeless in Fallout too, extremely cloudy and lacking distinction between iris and pupil... I felt as if Fallout 3's faces relied more on texture as Oblivions relied more on shape...maybe its just me...I don't know..
In terms of adding your previous character to the game. It'd be interesting if (on a console) Skyrim read your old oblivion files and chose the most recent save game, and simply imported the race and gender...and possibly the hero name according to the save game name and data.
Making such a program/script would be a waste of time for a simple easter egg, though.