Once the ADHD demographic gets bored with Oblivion two weeks after release, and take their money to their local Texas Hold 'Em tournament, I hope there is something left to put the R back into RPG for the series.
I cannot understand for the life of me how LESS RPG-ness could be propogated from Morrowing to Oblivion. I entered TES series with Morrowind, and I loved how there are so many skills, so many things to do, the freedom. I would have hoped that Oblivion offered MORE skills, MORE complexity, MORE RPG-ness. I would love to have more involved quests, better AI, and better graphics, but with at least the same about of RPG elements (i.e. skills, weapons, spells) as Morrowind. And even better to have more.
So far, from what is known and what was leaked (i.e. the video), Oblivion looks TOTALLY like a console-based conception. And the console is NOT the platform for RPGs. It is a platform for, "Turn on the XBox, kill some stuff for an hour, turn on MTV." God, I get more depressed about Oblivion the more I see and hear about it. The gamer in me is genuinely depressed.