I am mildly pissed that they nerfed the Robe of St. Roris that hard, it was OP as fuck but it wasn't THAT easy to get super-fast unless you won the outlander-hobo lottery with the random potions in crates around townsTo really understand the pits of Oblivion, play a thief/treasure hunter in Morrowind and then Oblivion. How the latter handled item placement and accessibility in its world in one of the most egregious sins committed in the history of game design. It's like receiving 20 cool gifts one Christmas, and just a pair of socks the next.
Robe of St Roris could have been nerfed to 1 pt effect CE for both effects and it still would have been insanely useful. Even at the 15 points it's sort of goofy to go and nerf it with all of the other amazing gear available. Any random lvl 1 character can get access to the best weapons in the game via. the Vassir-Didanat quest anyway, or hell, the random corpse in that blighted egg mine with a Daedric Dai-Katana lol.
Loot placement and itemization is really the least awful of Oblivion's sins in a way, because it's the one which mods most easily fix. None of them are perfect, but OOO, MOO etc. and a billion other overhauls all fix it to some extent and make special gear feel special. The worst thing is the writing and the quests, because that's something that can never really be fixed even by the most ambitious and well-organised modding team, primarily due to voice acting. A comprehensive overhaul could likely un-fuck all of the factions, side quests and main quest, but it would always feel like a mod when you get to the part where voiced dialogue stops playing.