I was wondering if Oblivion would do the same.
Plenty of us love both games. Whether you will feel the same way depends on your tastes. What exactly was it that awed you about Skyrim? Until we know that it's impossible to say if Oblivion will have the same effect on you.
Are there things in Oblivion that are done better than in Skyrim?
There are things each of the Elder Scrolls games does better than the other games in the series. Each game has its own strengths and weaknesses. None of them are the "ultimate experience" or the "true game" in any way.
Oblivion's main quest did very little for me. I thought the main quests of both Morrowind and Skyrim were more interesting. I particularly did not like Oblivion gates permanently ruining the landscape after the main quest was finished.
The guild quests are a different matter. I think most would agree that, by and large, Oblivion's guild quests are a bit more interesting and involved than most of the guild quests in Skyrim. If nothing else, Oblivion's guild quests tend to be longer.
It's my opinion that the side quests in both games are about equally interesting.
I just wanted to know if I'm starting Oblivion too late now since its 2012 and if anyone would enjoy it playing it for their first time in 2012.
It is
never too late to start a good game. I don't even understand the concept, to be honest. If a game was good six years ago it is still good today. Games are not produce. They don't suddenly "turn bad."