I can't see this whole "Oh, but don't the human models look great!" thing people are spouting off. In the party screenshot, there seems to be 4 identical adult males, all without hair, and the clothing looks like moulded plastic. The only other shots with detailed examples of human faces, are the sheriff of Megaton and his twin brother, or Liam Neeson in the Vault, who looks good until you notice that his beard is drawn on, and his hair is yet more moulded plastic.
The human models can't even compare to games like Dead Rising, where you have literally hundreds of characters on screen at once, or Resident Evil 4, which manages to look good even on the graphically underwhelming Wii, or Half-Life 2, which runs on about half the spec of Oblivion's required machine.
Of course, there's a certain detail trade-off against the painstaking artist hours put into the characters of those games and procedural generation, but Bethesda could take a big step forward if they didn't have such shitty base models.
As for the rest of the shots (which have all been in scans already, correct?) if we completely ignore the content (nothing but combat) there's nothing graphically that's anywhere near as impressive as games that are a few years old. It all looks like about 5 or so years ago, when normal mapping, bloom and such were relatively new technology, and artists were using them without any finesse whatsoever. It's clumsy, heavy handed, and definitely not worthy of the praise it's getting when there are so many games on the market with graphics that are both technologically and artistically superior.
And they still haven't got dynamic shadows!