It'll be as good as you let it be.
A lot of idiots hyped Oblivion up too much and threw a hissy fit because it didn't immediately meet their expectations from Morrowind. Some Daggerfall fans had the same resentment for Morrowind when it was released, and i'm pretty sure some Oblivion fans will be hostile towards Skyrim.
It's really no coincidence that a lot of Morrowind's biggest fans never played Daggerfall, or that a lot of Oblivion's fans never played Morrowind.
Yep, I think you just won the internet. Or at least the ES part of the internet.
This theory seems to hold true in most cases, with very few outliers. I, myself, enjoyed Oblivion immensely, and it was my first ES game. I have gone back to play Morrowind and Daggerfall, but for me, nothing holds a candle to Obivion, because it was the ES game I started with.
Nostalgia, anyone?