The recent delay of Oblivion was very disheartening news for Elder Scrolls fans, but if it is any appeasal there is an interview with Gavin Carter, Producer for Oblivion. He discusses the heavy detail of Oblivion and how that impacts its rollout onto both PC and console, how the new generation consoles are able to keep up with PCs, the engine of morrowind and it's rendering and weathering systems, advanced graphics features to be employed, multiplayer and more. It's short, but the answers are in depth and it is a very interesting read for anyone into gaming, moreso if you enjoyed Morrowind, Daggerfall or Arena, Oblivion's predecessors. There are photos of the game, and as far as visual appeal goes it looks absolutely outstanding.
"The size, scope and sheer graphical grunt required for Elder Scrolls 4: Oblivion requires gigahertz of processing power to run, good bandwidth to update and expand, and gigabytes of hard disk space to store."
Definitely not a lightweight game. For gamers everywhere let's hope the wait is worth it.