Oblivion's combat looked right and felt right, but so did Morrowind's. I can't say that I'm convinced that combat in either game is lacking anything of substance compared to Dark Messiah.
Have you played Dark Messiah? For me at least, even with the camera shake in OB I don't 'feel' my impacts nearly as much as DM and therefore I can't accurately gauge more strategic attacks or timing, it becomes more about guess-work, button mashing and luck. I remember the animation in DM almost giving me the impression that my mouse had force feedback, when it didn't. That never happened to me in OB or MW. MW's combat was vastly less satisfying simply because of how much behind-the-scenes control the numbers had and gave you no indication of why or how it was computing (except your sword magically went through the enemy without affecting them, lol). Unless you are more used to older, turn-based RPGs where animations never truly reflect the numbers and are simply there to look good then I'm not sure how that could feel right to anyone.