Oblivion Blather:
Wow.. there are, aparently, already hundreds of modifications available for the game that fix and tweak just about anything you can imagine. On point, someone is doing a shitload of work on an overhaul of the monster-level-scaling (and excessive loot) issue in the vanilla version of the game. If anyone has bought the game (or obtained it otherwise.. heh).. check out the following mods:
Obscuro's Oblivion Overhaul (monster scaling and loot mod.. SO GOOD!)
Weather/Ambiance mod that adds a bunch of nicely done weather/sky
Archer Shop modification, with really nice but really expensive items/arrows so you have to earn them legit-like
Man, this game is SO good. So, so good.