At low levels on vanilla oblivion, becoming a vampire is a roleplay thing only, as the benefits - skill boost, immune to paralysis is of very little use.
Only Immune to diesease is of use in my opinion.
Medium to high ranking level vamp turning is quite a blessing as fire is left out for shock effects more often, and you gain all the perks with only sun damage to deal with..
That itself is easily overcome, just by sleeping / waiting in caves untill 7 - 8 pm, only some quest areas are dangerous with sun damage in my experience ( notably the arena ).
All though all this has not stopped me from turning early on if the vamp idea seems right.
How I would feel, either like I got what I wanted or an a bit of a fool for not curing myself asap ( which has happened to me early on ).