I am conflicted about QTP3. On one hand I think it does a great job of maintaining the overall color balance of the original game. With art design like Oblivion's that isn't heavily stylized I think color means a lot, which is why I'm reluctant to do something like the bleach bypass shader for example. On the other hand it has a couple issues. The first is specific to a few of the textures which differ too much from the originals and look, well, kind of "gawdy" and stand out, which is why I've gone so far as to replace its road texture with my own. Its other issue applies to the textures in general and the way their normal maps seem kind of "rough" and more extreme than necessary, resulting in a grainy kind of look on some objects. Of course they make the vanilla normals look downright flat, and I think they're probably an improvement otherwise, plus the Redimized normals sometimes improve on the original QTP3 ones (and sometimes don't). With anything as huge as QTP3 there are inevitably going to be some issues, but I think it's way more "hit" than "miss" across the board.

But I definitely agree about Oblivion needing more options. Like, will AmpolX ever return with the goods??

Well put. Mixing the textures is the best option. Vibrant+QTP3+AmpolX (if you can find them all) work pretty well, especially AmpolX caves (a little dark but well done).

I just did a test install with Vibrant+QTP3+Improved Flora+Enhanced Vegatation+RAEVWD+4096x4096 body textures and I get Texture usage between 800MB-1200MB without stuttering (thanks OSR) and 16-24 FPS outside and inside. Plays well.
I added MMM only and it still played as above.

But you are correct, not many high rez texture overhauls to choose from.