Having played the last two, I personally think Skyrim>Oblivion. Oblivion's main quest seemed extremely generic to me, although I never finished it. Skyrim's main quest had a lot of variety to it, and aside from the Companions all the faction quests had really compelling storylines and settings (Okay, the Mage's Guild was pretty generic, but it let you do dungeon crawls, which is the highlight of Skyrim to me anyway). The setting of Skyrim was fantastic, and the music and even some of the voice acting was good. I still have no idea what people are saying when they say Skyrim's gameplay is dumbed down. The interface is better, but is that a bad thing? The talent trees are a great addition, not having to stay awake all the time to keep from leveling is nice (leveling should NOT be a bad thing--and while enemies still scale a little in Skyrim it's not as bad as Oblivion). To me, Skyrim is the ultimate *role-playing* RPG, and largely because so many choices don't have a consequence. If I choose the nice option when talking to a questgiver, it's because I want to be nice, not because I want my nice bar to go up. If I arrange the books on my shelf or display a hard-earned weapon on my weapon rack, it's not to generate a "Well-Decorated" buff that increases my stamina by 5%. It's because I like walking into a nice-looking house, and I like being able to see that cool looking weapon even if it's not the strongest I have anymore.
What is it that Skyrim took out or simplified from Oblivion that actually made for compelling gameplay or meaningful decisions? Bunnyhopping to level acrobatics? Stacking pennies on the run key and leaving your PC for a couple hours to level athletics?