I played a bit more, and kind of fascinating because Oblivion feels like a kind of low-budget, poorly balanced, but weirdly complete/in-depth game, gameplay-wise. Like, whilst the UI is great and the game plays way smoother than it used to, there's like no polish or modernity with, for example, the financial/gear progression or with combat. Everything is pretty sparse/spartan compared to Skyrim, too. The new engine looks great, but there's a distinct lack of clutter and complexity in the dungeons and shops and most buildings. It's not bad but's definitely different.
Also, the colour-grading is just wrong - people pointed this out even in the leak, but it's far "browner" and "darker" in the open world (rather than the dungeons) than the weirdly bright/light/green original Oblivion was. A fairly easy fix with ReShade if you're willing to use that of course (already multiple presets up for it)!
Bethesda's official stance is that mods don't work with/aren't supported for the remaster, but, in actual fact, they do, so long as they don't modify any visual elements (and modders are working on that), because it really is just a slightly modernized old Oblivion under the hood.
I'm looking forward to your feedback. It will take a while, but also tell us what the high level experience is like. I felt that high level enemies were absurdly tanky in the original. The only efficient way to take them out was to cast weakness to magic-weakness to element-damage spell, in that order. Any other approach just took forever and was mind numbing. No difficulty, just tedium.
Yeah my guess is that's going to be just as painful as before, based on the early game. Apparently I was so traumatized by one specific hard-to-kill archer in the first set of ruins you go into in Oblivion that I remembered him across like 15+ years, and he was still absolutely just as obnoxious of a damage sponge as I remembered!
Also wow it's way harder to level spells than I remember! I probably originally did something like speed-ran around the map until I could get into the Mage's Guild proper and design spells. I guess I'll probably do that again!
I have one other "modernization complaint" to add to the thing telling you the exact distances - you can immediately fast travel to any city on the map, and it kind of seems like you can fast travel to places you haven't visited! I've resisted the urge to use this so far, but it seems like new players who don't even know it didn't work this way (and it didn't, right? Or am I forgetting?) will probably have a pretty different experience because of this.