Added a new version (version 1.1), which has no problem with transparent weapons, but has slightly less pretty graphics. I use this one myself now. here are screenshots here, just look at the images with version 1_1 in the name. Easy to find. Now you can chooce if you want to use this or the other. Old file stays up. Please, when making screenshots with the 1.1 version, ad 1_1 to the name, so people know you use that one instead of the normal version.
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People told me I should distribute it, so here it is.
Photorealistic ENB settings.

Please do not distribute these settings anywhere. Instead just link to here

Special thanks to Nakrin for his Cinematic ENB for Oblivion - New Dimension,
for his mod insipred me to make these settings.

I don't know exactly which files I have in use, as I have tried multiple ENB before.
Unused files by other authors may be present.
Also used files from other authors may be present.
I will not take credit for these.

I Strongly recomend you to use OCOv2: http://www.nexusmods.com/oblivion/mods/44676/?
(requires OBSE: http://obse.silverlock.org/ and Blockhead: http://www.nexusmods.com/oblivion/mods/43752/?)
And to use a female body replacer of your choice. I think the people working at Bethesda have never seen a real woman's body...

Depending on other mods you use the results may vary, but most should stay the same.
For Mods I used in the screenshots you can look at the botom of this page.

This ENB is quite dark, but can still show bright colors at points.
I suggest that if you try it, you will also take a look at the outside world at a nice bright day, as the tutorial will be resonable dark.

Any screenshots are welcome ofcourse!
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About performance:
I have absolute no single clue how heavy this is for your videocard, if you will have lag or anything of the like.
What I can tell you, is that I run Oblivion on an intergated Intel HD4000 videochip en a Intel Core i5-3210M and that I have, in combination with the below mods, no lag. Settings I use you can see by on the images tab here on the nexus, and in the screenshots folder of your download. I first selected High and the aplied these settings.

AA and Aniostrophic filtering are included in ENB, and not needed in your settings.
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Requirements:
ENB v0.181
Get it at: http://enbdev.com/mod_tesoblivion_v0181.htm
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Instalation:
A first make you you have ENB v0.181 installed, you can find it here.
http://enbdev.com/mod_tesoblivion_v0181.htm
Now drag and drop these files into your Oblivion directory
(NOT THE DATA, THE ONE WHERE THE OblivionLauncher.exe AND THE ENB INSTALATION ARE).
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Deinstallation:
Delete all files added by these ENB settings.
If you wish to delete ENB itself too, delete those files as well.
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Mods used in screenshots:
OCOv2: http://www.nexusmods.com/oblivion/mods/44676/?
(requires OBSE: http://obse.silverlock.org/ and Blockhead: http://www.nexusmods.com/oblivion/mods/43752/?)
Shade Me: http://www.nexusmods.com/oblivion/mods/45043/?
HGEC E Cup BBB underwear, normal waist, underwear: http://www.nexusmods.com/oblivion/mods/34442/?
EVE HGEC Eyecandy Variants Expansion: http://www.nexusmods.com/oblivion/mods/34442/?
BBB for EVE HGEC stock replacer: http://www.nexusmods.com/oblivion/mods/34324/?
DarkUId DarN (interface): http://www.nexusmods.com/oblivion/mods/11280/?
Landscape retexture: http://www.nexusmods.com/oblivion/mods/44713/?
Landscape LOD Texture Replacement: http://www.nexusmods.com/oblivion/mods/2182/?
Forts Ruins exteriors retexture: http://www.nexusmods.com/oblivion/mods/44660/?
Nirnroot retexture: http://www.nexusmods.com/oblivion/mods/45018/?
Slaughterfish Retexture: http://www.nexusmods.com/oblivion/mods/9343/?
better staffs texture: http://www.nexusmods.com/oblivion/mods/3646/?
HiRes Oblivion Textures: http://www.nexusmods.com/oblivion/mods/27887/?
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Chance-log:
1.0
inital release.

1.1
Slightly edited. Fixes transparent weapon bug. See screenshots.