OldBlivion

[Zysoclaplem]

It's a mod that makes Oblivion playable on older PCs but still retains decent looking graphics.
Did a search and couldnt find anything about it here.

 

[Atheus]

Plenty of info on the elderscrolls.com forums.

And 'decent looking' is in the eye of the beholder. I never played Oblivion properly because of the graphics bugs and I didn't even use that mod.