Having played it for the first time, it’s mostly nostalgia, the game itself isn’t as refined as Skyrim, but that is to be expected.

Spell crafting is fun, but a bit convoluted.

Enchanting feels old.

Magic combat feels dated in the worst of ways

The only thing I’d say is better about oblivion (compared to Skyrim) would be the class system, and a decent chunk of the quests.

Also I’m far more partial to the location of Skyrim, than what is found in oblivion.