You're right, but even without those visual firecrackers Oblivion lives up to Skyrim - and as it's been proved many times that models and textures can be of the same quality in both, good lighting is about the only thing (severely - agreed) missing in TES4. But just wait another couple of years and someone comes up with a solution.
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I wish Oblivion had the water system of Skyrim
I wish .. I wish Santa reads this ..
beautiful wallpaper
Beautiful image indeed