Yes. I do this often. It's strange, but there are now games in existence with significantly nicer graphics, yet none give me that feeling of "wow, I can almost smell and feel the area" like Oblivion does. Perhaps it's the first-person, non-exaggerated freedom, but if I've ever seen a more natural-looking and natural-feeling video game, I don't remember it. I particularly love water (of all kinds; waterfalls, pools, oceans, lakes, etc.), forests, and views from great heights.
Oblivion may be getting older, but it's not that old yet -- and even though newer games may have better graphics, Oblivion
uses it's graphics better. Sure, Dead Space 2 or something like that may have newer, shinier graphics, but if it's just corridor shooting, you ain't gonna see a [b]vista[/i].
That's where Oblivion comes into it's own with vistas - actually getting to the top of a mountain and gazing back across all of Cyrodiil, until you can only see forest in the distance...that's just pure amazing...no game, IMO, will ever beat that, and Skyrim will only improve upon it.