How about Oblivion then? Do you feel bad about it? Or do you agree with Pete when he says Oblivion delivered what was promised and no one said "it is good but could be better"?
( sigh ) Let's start with some caveats, shall we?
1) I'm loathe to pick apart marketing sound-bites. They have as much freedom to go off-script as I do to check in buggy code. We all have our jobs in this crazy contraption of a game company, and I don't envy theirs; mine's hard enough.
2) You know I work, like, right next to these guys that made Oblivion, right? They can hear me typing right now. We literally spend 8 - 10 hours a day together, working, eating, joking, etc; we're in each other's proverbial grill. So, you can understand my reticence; if I offer criticism on someone's work and it's taken badly, it's going to get back to them and I'm going to get shanked in the company bathroom with a rusty fork. I like my kidneys, so I'm going to tread lightly here.
3) Our own hardest critics are ourselves. If X about Oblivion gets on your nerves, it really gets on ours. If you thought Y played / looked bad, we think it went horribly. Trust us; we know what went wrong and went right in Oblivion; it's in our heads and our hair and we don't have the luxury of uninstalling it from our hard drives. If we have any motivation going into FO3 ( other than making a game worthy of the originals ), it's correcting our mistakes. Not to paint the picture that we didn't like Oblivion; quite the opposite. Prevailing opinion here is that Oblivion went swimmingly and above expectations. But, that's expected; of course we're going to like our own creation. Just so long as it's clear that we don't think it was all perfect either.
Now that that's said, I'll say that I liked Oblivion. Huge, living world with an existence outside of my characters' actions, lots going on, great for guys like me who are exploration-junkies. Bad things? I won't get specific here, but questing got repetitive at times, lots of random dungeons, level scaling, dialogue / voice-acting was spotty depending on who you talked to, and some parts of the UI ( Inventory menu... ). The thing I dig about those flaws, however, is how they're the shown seams of a large game world rather than just shoddy development. That is, when you're trying to make a world with as much stuff as Cyrodil, you're bound to repeat yourself or add one too many forts or have one corny dialog line out of thousands of good ones. It's tough to rein in all that content and make it behave, but I think the game succeeded at that more than it dropped the ball. So that's my long-winded, obviously biased, personal opinion on Oblivion: lots of creamy goodness, some burnt edges, but all-in-all I'll be eating another. Man, now I'm hungry...