http://www.currys.co.uk/gbuk/computing/laptops/laptops/acer-aspire-e1-570-15-6-laptop-21743676-pdt.html

Is the processor any good? Would it run Oblivion?

In general no laptop is good for gaming. Based off of the specs of that particular laptop I'd have to say no, it's not a good laptop. But I also know about zilch when it comes to laptops so take my advice with a grain of salt. It may be best if you wait for better advice from someone who actually may know.

The laptop is mediocre, but it'll get the job done. Personally, I wouldn't use a store-bought laptop for gaming until I've enhanced it. Never use the motherboard graphics for gaming. They all svck. Get a laptop that has a decent video card in it, with 1GB+ RAM. You'll pay extra for it, but trust me, it's worth it if you intend to game.

I would go with an Intel i5 or higher. The cores within the chip are rarely used because software design still hasn't caught up, so best have more strength for CPU calculations.

A stronger system will cost you about $700 USD (sorry, too lazy for currency exchange rates), and should play both Oblivion and Skyrim without any problems.

PS: By a laptop cooling system. Running 3D games tends to get systems a little toasty.