Imho old wizardry games were the best RPGs. Oblivion is an action RPG for me, it is not a real hardcore RPG. Personally I really missed the good old RPG games, I havent seen a decent RPG in the last 2 years.
Look at this "low budget" RPG:
Blades of Avernum:
http://www.avernum.com/blades/index.html
I swear this is much better as an RPG, then the new "high tech" RPGs. If you like RPG games, this is a must have.