1.SMAA + Transparency AA + EdgeAA
Better than Game AA and better performence
On my PC ENB off fps 30 enb on fps 28 not much change and if you turn on game AAx8 your fps will reduce alot and SMAA/FXAA still look better

SYSTEM REQUIREMENTS:
Videocard with support of Shader Model 2.0 or better. Videocards in the list below may fit:
GeForce 6100, 6150, 6200, 6600, 6800, 7300, 7600, 7800, 7900, 8500, 8600, 8800;
Radeon 300, 600, 700, 800, 850, 1300, 1600, 1800, 1900, 1950, 2400, 2600, 2900, 3850, 3870.
I can't guarantee that mod will work on all of them by many reasons (different drivers, hardware reduced versions and just because not tested myself). ENBSeries (current version) will not run at all or will not work properly if hardware by any reason not support minimal requirements of the mod. Videocards with lower shader versions capable to work in theory, but they are too slow, no sense. Videocards of new generation (DirectX10 compatible) in common cases works much faster in this mod, than their performance equivalents in DirectX9 games.
The requirements to videomemory size are very high, depends from screen resolution and antialiasing, for example without antialiasing in a mode 1024*768 it cost 64 Mb of videomemory, and for 1280*1024 106 Mb are necessary. Operative memory and processor play an insignificant role, though all should be balanced.[[From Vorontsov Boris/Tamik007 enb mod]]

Installation:
Extract to your Oblivion root folder(like this D:\\Program Files\\Bethesda Softworks\\Oblivion)

Removal:
Delete everything start with d3d and enb and SMAA

Alternate Color Tone:
Just select the color tone you want in \"Enb Color tone\" and Overwrite the orginal one

(you should Disable any OBGE AA and game AA because it just reduce your FPS but only disable AA ok you still can use those effect like godray and other stuff,okay have fun)