Deffinetly. Morrowind was better, but the user-interface wasn't on the friendly-side.
Despite being a very fun game to play, I should warn you that the main-plot is by far the worst-written story in the game. Be warned. And Sean Bean phoning it in as Martin Septim.
Off Topic, but what the hell happened to his career?
Oh right, the Silent Hill movie.
Never mind.
OT:
Oblivion is in general a very fun game for dicking around, doing strange sidequests and so on. I can recommend doing the Assassin-quests because they're probably the most well-written in the game. In the sense that they don't have horrid writing.