Every five minutes or so, the game will lock up for about two seconds, then the screen will flash black for about one second, and then the game resumes afterward as if nothing happened.
It appears to be harmless, but it is highly aggravating and I would like to see it nixed.
Specs (DXDiag is unavailable at this time):
MoBo: MSI P67A-GD65
>Intel P67 Northbridge
>SLI Ready
CPU: Intel Core i5-2500K @ 3.3GHz
>Quad Core
Memory: 8Gb DDR3 @ 1333MHz (2X 4Gb)
>Dual Channel
GPU: nVidia GeForce 8800GT
>512Mb GDDR3 VRAM
>2 Way SLI
PSU: 700Watt
Audio: Creative SB X-Fi Titanium
OS: Windows 7 x64
EDIT: I think cleaning up my system's bootup fixed this. I can't say for sure, since I'm not going to be playing Oblivion for any extended period of time until I get my original install back, but the boot cleanup certainly helped.