In development since mid 2002 by Bethesda Softworks (makers of the Fallout series as well), Oblivion is shaping up quite nicely, and promises to take immersion in an RPG to the next level.
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Bethesda has streamlined the skills section quite a bit from Morrowind, primarily with the purpose of creating balance and allowing true role-playing to occur
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Oblivion is coming out with some new features that promise to truly set it apart from both its predecessors and the forthcoming competition.
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One of Oblivion's, and in fact all Elder Scrolls games, greatest strengths, is their almost unlimited replayablity. Bethesda puts an insane amount of effort into providing the player with options that give this game its replayability factor. To begin with, there is the breadth of the game itself, with ten unique races to choose from (Orcs, Dark Elves, Wood elves, Altmer / High Elves, Redguards, Nords, Bretons, and Imperials, Argonians, and Khajiit), each varying from the other in both aesthetics and abilities. Combine this with the differences in playing as a fighter as compared to a mage or a thief, along with all the countless gradations in between (thanks to Oblivion's class system), Oblivion promises to be a different game with each different character you make.
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The couple of screenshots that are included here, and there are plenty more at the official site, should give you an idea of what the game will look like​