It's not that it lacks Werewolves, it's that it's been... dumbified, so to speak.
Let's check off the results of this dumbification, shall we?
1. Quest Markers- You're basically having your hand held throughout the game. Some take this as Bethesda saying that gamers are stupid and can't figure out things on their own.
2. Fast Travel- Makes it easier to "skip" areas of the game. Combined with the lack of more conventional pay-for-travel, many players feel they are "forced" to use it, or that it breaks Immersion.
3. Spears, or lack thereof- NO SPEARS!
4. Crossbows, or lack thereof- NO CROSSBOWS!
5. Story- Compared to Morrowind, the story of Oblivion is far more straightforward. Oblivion, belive it or not, is actually the outlier for this. Daggerfall's MQ had more twists and options than you can shake a stick at.
6. NPC Interaction- NPCs tend to have a lot less to say about quests, and they tend to blur together unless they have a Quest Marker or you follow their daily schedule.
7. Stores- Tell me again why stores have an infinite amount of barter gold, but will only pay, say, up to 800-1000 gold per item?
8. Setting- Allright, Cyrodiil is mostly jungle, according to in-game lore! *plays TES:IV* Wait a minute...
Basically, Oblivion was tweaked for mass audiences, not the Core TES fans. Of course, if Bethesda catered only to the Core TES fans, there wouldn't be a Bethesda to make games.