Unfortunately for me I know too much about the quirks of the engine from my extensive playing of Morrowind, so with my second playthrough (my first being only to finish the main quest as fast as possible) I was able to get the usual max stats et al. I will say there are quite a few things in this game that make it harder to power yourself up quickly (level limits on Deadric Quests, fewer Artefacts, static vendors, skill learning limits). In contrast to this, compared to Morrowind, there's actually less to do. Maybe it's because of the fast travel that I can usually complete a quest in less than a minute. But if you add everything up, the length of the quests and the amount available, it's easier to see and do everything, which is a shame since obviously Oblivion is superior to Morrowind in so many ways. To compare and contrast, speed-running aside, it would probably take you about thirty-five to forty hours to complete the main quest in Morrowind. In Oblivion you could probably knock it out in under ten.

Saying that where Oblivion completely flounced Morrowind on is dungeons. In Morrowind it was feasible, and usually the norm, to be able to cover an entire dungeon in less than a minute. In Oblivion, it's nearer to half an hour. They're just so freakin' big. In that respect, Oblivion wins. However, if you're like me and you need some motivation to go down into them dungeons besides loot and experience then this is a bit of a moot point. I've found almost every dungeon in the game but I've probably only cleared about 20% of them, because most of the time it just felt like a chore rather than a pleasure. Oblivion Gates I always clear out though. I've since gone from clearing them out fully to basically making a mad dash for the sigil stone. It actually makes for interesting gaming, especially since I try to go without using potions and instead activating Blood Fountains and hoping for the best. Usually the only loot worth getting is either in the Punished in the Sigil Stone chamber, or the Sigil Stone itself (NB Enchanting in Oblivion sucks, Sigil Stones usually beat standard enchanting each time, even if you use the highest possible souls).