This looks so freaking awesome. And it seems to be getting really good reviews so far. I thoroughly enjoyed Morrowind (although the game had some annoying bugs), but I unfortunately never finished it. I lost my save games when I bought some new hard drives, and I didn't feel like replaying 60 hours worth again (save early and often).
As I recently mentioned, I've been hungering for a new game to play. I don't even recall what I bought last, and I've been replaying through Half-Life 2 recently; for what must be the seventh or eighth time (and it's still a blast). Something like Oblivion will keep me hooked for hours (nearly 200 hours according to some reports), which has me very excited. Hopefully my machine can handle it. This game is apparently quite the resource hog.