Skyrim introduced me to the TES series.

It's been over an year and I'd love to try another TES game so I can continue to delve into this universe with the feeling of freshness Skyrim can't give me anymore.

Oblivion seems like the first option since Morrowind was a PC game and I'm a PS3 gamer.

However, I'm hesitating because chances are Oblivion basically is Skyrim + Flaws which hadn't been worked on yet.

Oblivion is a great game. I'm sure you'll love it.

Well, no. They are quite different in many ways.
Oblivion has more traditional RPG elements than Skyrim... mainly the Class/Skill set-up.
Some people consider the storytelling/questlines to be better in OB, which I agree with.

Most of the flaws it has are still in Skyrim. (like some skills being overpowered, silly AI )

Oblivion is a lot different. It's closer to a watered down (culturally), sillier Morrowind with horrendous level scaling and better graphics and guilds.

Basically the awkward middle child of the TES series. Lots of fun to be had in the game though. Make sure you get Shivering Isles with it.