Decent but inferior to Morrowind
First off, I am a big fan of Morrowind, and that probably puts me in the 'MW fanboy' camp. I recently tried Oblivion for the first time. I really wanted to like it, but was disappointed because it seems to have lost too much of what I loved about MW.
Regarding graphics: O of course has more advanced graphics technology; however, a game's looks depend on more than just technology - artistic design is also important. To me, MW *looks better*, because the world design is so much more creative and has a far stronger artistic vision than O. In MW, you are exploring an alien world, where the creators have let their imaginations run riot. By comparison, O is very bland.
When I first played MW, I totally ignored the main quest; went off in a random direction and had a blast. The first time I played O, I tried to do the same thing and got bored. I had the impression that there just isn't as much to do 'off the beaten track' in O. MW also has a very interesting patchwork of overlapping political factions with competing agendas, which seems to have been scaled back in O.
But for me, the worst aspect of O is the balance issues. The enemy level-scaling is atrocious - I hate it. To me, it's flat out the wrong way to design an RPG. The general balance also seems very bad. As an example, I did the paranoia quest for Glarthir in Skingrad. At one point, he told me to kill some lady who lives in the town. So, I found her in her back garden and jumped her - she absolutely DECKED me! I reloaded 3-4 times and she was literally impossible to beat, despite the fact that I had strolled into a ruin a short while earlier and taken out 5 armed bandits single-handedly. For me, that was a WTF moment that totally broke the immersion.
Imo, it's a decent attempt that is marred by some pretty serious balance issues. I can understand younger gamers or action adventure fans preferring it, but for those that want to get lost in a beautiful, absorbing RPG, check out Morrowind instead.
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