to answer your question:
yes and no
yes: because it is good fun, some crude humor (if you get shivering isles expansion as well) also, there is a HUGE mod community (if you get it on pc) to expand your game further with new weapons, side story lines (mod side quests) and graphic modifications (eg HD mods). and if you cant get into the modding, there is an unoffical oblivion patch which fixes ALOT of the bugs and glitches.
no: it can get repeditive, and for unless you REEEAAAALLLYYYY want to listen and read all the dialogue, books and what not, the story can get mind bogginly confusing.
so basically, i would recomend to get it on pc, but if you wanna get it on ps3 or 360... i dont know, im a pc gamer, ask someone else about those sorta things.
and, to see many peeps agreeing with yahtzees review, might i remind you that he did his review on the CONSOLE version, the pc (in my opinion) is much better (patches patches patches!) in light of mods and what-not...
fallout 3... yeah, but fallout 3's story was REALLY short, boring and tedious. i mean, come on, the "final boss" was a guy in a trench coat with a 9mm pistol! his guards were harder than him cos they had power armor AND mini guns! i did it with my fully repaired chinese assult rifle.
one more thing, oblivion has an "after game" while fallout 3 doesnt, which REALLY pissed me off.