Played it. Hated it. It was a bad game in my personal opinion. It sucked in every aspect a game can suck (mechanics, visuals, atmosphere, game world, plot, characters, gameplay, sound, etc.). I tried playing it half a dozen times and failed to stick with it because I was simultaneously bored and annoyed. A month ago, I took it up again and proceeded to mod the SHIT out of it. I replaced the interface, the graphics, the ass-backwards retarded mechanics, the combat... And I barely made it adequate. I got through the game and most of the major sidequests, but only by replacing huge chunks of the game with better stuff. That people made for free in their spare time. Oblivion was the low point of the series and IMO only got the praise and adoration it did because it was in the right place at the right time, to expose the growing population of newborn console gamers to an open world western RPG. (again, these are just my opinions)
I also played Arena, Daggerfall and Morrowind and loved them. Loved Fallout 3 too, which is the main reason I'm looking forward to Skyrim - Beth seems to have learned their lessons and got back on track.