Played it for some time now and the verdict so far is...

Graphics? Better.
Dialogue? Better.
Dragons? Better than Oblivion Gates.
Scenery? Far, far more varied - and, for me, that means better.
Fighting? Better, marginally.
Things to do? More than in Oblivion - ie, Oblivion + Crafting. No repairing, though, which I actually enjoyed in Oblivion for some reason.
Exploration? Far more interesting.

And now the worse stuff.

Menus/UI? Terrible. For some reason they have thought it best to simply display names and only detail weight/worth/etc. when you hover over them. When picking skills, moving around the constellations is a nightmare.

Dragon battles? Supposedly the enemies of yourself are meant to suddenly become allies when you fight dragons. So far, this has not been the case. While attacking a dragon, I have been obliterated by bears and trolls so far, and a bandit has been shooting at me with his bow. All while a dragon is attacking. Kinda sucks.

System integrity? Okay, this is my first use of Steam in forever and I honestly don't know if it's Steam or the game, but I am consantly being 'pulled out' of the game when it's windowed. On full-screen, it'll crash. I'm unsure if I should lower the settings because it runs smoothly enough and my RAM isn't being overused, nor is my CPU. It's genuinely frustrating.