And..how's that a "party"? It's pretty obvious that by "party", most people mean a UI showing your actual, being able to switch in control between them, etc, like Dragon Age.
And that's a terrible idea for TES.
I always thought of D&D style. The whole party is made up of individuals, who are very adept at working together to solve problems. In Oblivion, relying on party-members spells catastrophe with the way they are handled. With current AI, even the extra features wouldn't make up for the fact that the player has to babysit the group. Amp-up the AI, and put some more awareness of the group
into the group, and the player no longer has to fool with them like in Dragon Age.