Definitely. But don't compare it to Skyrim. Consider it its own game in its own right.
Pretty much exactly what I was going to say.
I started with Oblivion, then I played Morrowind, and now I've been playing Skyrim pretty much since it's release (still not tired of it).
I love all three. And there are of course similarities. But they are different games. If you expect everything in Skyrim to be in Oblivion you may be setting yourself up for disappointment. The reverse is also true. They all have some pluses and minuses comparied with each other. And a lot of that is very subjective too.
If you do get Oblivion, I recommend getting it for the PC. Most (but not all) people seem to dislike the leveling system. Mods like nGCD can fix that. Also level scaling is very pronounced in the unmodded game. I recommend the OOO and MMM overhaul mods to fix that and make many other changes that I consider improvements. Finally retexture mods like Quarls can make Oblivion look nearly as good as Skyrim, and in some cases better in my opinion (except for NPCs which just don't look as realistic as Skyrim).