Yes. And it felt too weird to drop it for something else. "Oh, gates are popping everywhere spreading chaos and despondency ? Excuse me my good sir while I spend two weeks collecting alchemy ingredients".
This is generally the problem with Elder Scrolls games and Oblivion in particular, the entire land is plunged into chaos but you can go about your business without a care in the world which rather kills the sense of urgency the emergence of the Oblivion gates was supposed to create.
As for the game being slow or fast paced, I say there should be a mix, you can do whatever you like, sit and stare at the sky while indulging in some well deserved rhinotillexomania, but as soon as you accept a quest you're committed, meaning there should be some kind of time limit to quests. Normally time limits are a gameplay device I hate but they had some in Mass Effect 2 that worked really well. They don't have to make the time limits impossible to get either, just implement them so that once you accept a quest you can't afford to sit on your rear for another two weeks before deciding to pick them up.
That being said, some quests don't need urgency but honestly, if you have to save someone from a cave full of trolls, it doesn't make any sense to hang around for a couple of days before heading off.