Just thought it would be awesome if someone were to recreate the faces of all the races into something similar to Skyrim's. I guess it would take a lot of work, but considering how ugly everyone is in Oblivion, it would be extremely worth it.

http://tes.nexusmods.com/downloads/file.php?id=39823, has an option to give you rougher faces as seen in Skyrim. Beware though you'll need a fairly hefty GPU (more than 1GB) if you want to run it alongside other graphic enhancing mods (QTP3, etc).

Artorius.

I've run all the Vanilla Race Deluxe textures through http://tes.nexusmods.com/downloads/file.php?id=41423 setting the resolution limit to 2048x2048. Seems to be working fine for me and I really don't notice the difference.

To give you an idea, for DXT3-compressed DDS textures:
4096x4096 ~21MB
2048x2048 ~2.5MB

So those big textures soon soak up your VRAM.

[Edit: typo]