I really like it. It has it's problems as with any game, but it's well worth the $50. It still doesn't have VOIP, which sucks.....they say that it will be added soon though.
It's first person.....and AA works with the 8.3 Catalyst drivers. You have to force it in your CCC, and if you have Crossfire then you have to name the .exe to Oblivion.exe.
Also his pics are being viewed at 586x 600 ish, so of course it will look much worse.
I used the Nvidia control panel and just forced 16x AF and 8 x AA (soon will put it to 16x because I see no performance issues)
If you have issues with the game studdering or freezing, set the "foliage" to "0" and you can set everything else to what ever. The foliage still doesn't even look like it is low quality either. Hopefully they will patch this soon.