I am yet to play it;lol: and should I download some mod or is that some settings tweaking?

Well, the tweaks are mandatory. Some mods are really helpful - such as the LOD texture replacement mod. I advice you to play the vanilla version until you reach, say, level 3 ( Level scaling in Oblivion really sucks) - and then download any mod you think is essential.
In any case, mods for Oblivion don't change the game; they enhance it.

I played the Fresh-unmodded version of Oblivion today I had to remove WoW(I played it a few hours:p) and some other games to empty space. I emptied 7 GB and Realised only 4 was enoughp I was getting 30 FPS average with Bloom on and all distant lands and things on... the game was not starting HDR But I am still in the dungeon. It was really nice expereince though. the way that the dead things moved when I hit them was so....funny type.

what is ur FPS? and in the OPEn ladns how is it? I played in 800x600.

Tell na.... and which mods did U download I will do the same thing and save time i reading those I see that U are online but no reply

The reason you always find me online is because I never log out of gamespot (too lazy). As for the mods, I suggest that you perform all the .ini tweaks listed in the article I mentioned on my blog. That should take care of most performance issues. Then play the vanilla version until you reach level 3 (should take about six hours). Then download the following mods for graphics fixes :

1)Jarrod Oblivion New Texture Mod Complete(1.2)(OMOD File) -
2)Landscape LOD replacement textures 1.1b(OMOD File)-
3)Natural environments mod
(no links, sorry. Links are over 25characters in length and the browser won't allow me to paste it. Google it or find it on the tweak site I mentioned).

There are a few more mods that you can use to change the gameplay, but it's up to you to decide if you like the unmodded version enough (in terms of gameplay) to stay away from them.
As for the framerate,
There are three settings I use, depending on where I am.

1>1024X768, No AA, No shadows, All distant lands and objects on, All other sliders at 30-40%, Bloom on. Water detail highest.
I get about 20-28 fps in the forest (average 23), and about 40-60 fps indoors, average 45.

2>1024X768, No AA, Full Shadows, All distant lands and objects on, All other sliders at 70%, No Bloom or HDR. Water detail high.
I get about 17-25 fps in the forest (average 21), and 40-80 fps indoors, average 50.

3>800X600, No AA, No shadows, All distant lands and objects on, All other sliders (except grass fade) at 40%, grass fade at 80%, HDR ON. Water detail highest.
I get about 20-30 fps in wide open areas, average 23, and 30-40 fps indoors, average 35.

I usually use setting 3 in dungeons, and near Oblivion gates. I alternate between 2 and 1 in the forest. (depending on my mood!)
I don't know what video card you have, but the tweaks will let it run better.
Also, do read the first few(5-6) pages of the gamespot Oblivion guide before continuing.
Well, I'm exhausted and sleepy *yawn*. And it appears that you are even lazier than me - I've actually benchmarked and picked out mods for Oblivion for you!

I myself dont log off.. but if U close the browser it logs u off... I mean it doesnt show that U are online if U close browser(Cookies are deleted) and then refreshed When U log back in.. it think s u are online again(Or even start te broswer if U didnt log out before)see the LAST ONLINE thing. it shows te time when last visted the gamespot page if U close the...... I aw U Offline many times too

anyways on other things.. i DID read the Obliv9on make it pretty Feature and saw all the Ini tweaks.... There is MOD pack that GS has which I can download to make oblivion pretty mos of them might be the ones U said there.was ther a significant increase in the FPS after using the tweaks???

anyways my card i s 7300 GS 256 MB (but everywhere t shows 512 mb) and I am changin it soon. getting a 7600 GS Lot better better than X1600 Pro and 6600 Gt

In the forest, expect an increase of about 3-4 fps (average) after considerable tweaking. On the flip side, though, adding the "make it pretty" package will bring down your fps a bit, so you'll end up with a better looking oblivion that performs just like the unmodded version.

7600GS ? Is'nt that an AGP card? Also, I hope it has atleast 12 pixel pipelines - otherwise you're better off with an X800GTO (which is a bit cheaper, has 12 pixel pipelines and beats every other card in it's range - atleast, it did, a few months ago). If it does, I suppose it's a better bet (with pixel shader 3.0 and HDR support).

"Also, do read the first few(5-6) pages of the gamespot Oblivion guide before continuing." - I meant the oblivion game guide (which includes the walkthrough. You can avoid the walkthrough, though). I made some crappy character choices in the beginning and ended up with an underpowered warrior - and now I'm replaying the game with a different character. Gamespot has a few excellent tips on what kind of character to choose.
Also, expect to spend around 12 -13 hrs of gameplay before you reach level 3, not 6 hours.

as for 7300 GS it does have 12 pixel pipelines and it does support the everything else in the altest technology HDR and Shadr model three and everything it is PCI express. not AGP.. and it has everything U would expect from a 7 series card LOOK at the stats HERE.

as for my selction I selcted a Very NICe one I have somehwat Experinece with RPGS and such types...I created a Custom type for my self I only see guides if i am STUCK for FIVE hours or more in one place only I just keep on trying and nevr want to see a guide. no matter what.