Its really weird to me that the official title is "remaster" when what I am looking at is very obviously a remake.
Model geometry, textures, environments, meshes... It all looks like it was made from the ground up, not using cleaned up assets from the original game (which would make it a remaster).
Anyhow I always struggled to get into Oblivion when it first released (Morrowind too for that matter) so this might be the gateway for me if the performance isn't in the crapper like most UE5 games.
Yeah I see what you mean.
But I think at this point a "Remake" might have been a re-telling of the entire story itself, the term 'remaster' is being used so often for many weird (and wrong) reasons. But I learned to get past the proper meaning of it after a bazillion remasters indeed we've been getting since the past few years. They did mention in the reveal video that they redid the entire assets from scratch, but they did not retouch the main story arc; and included all the DLCs. So it's still... say, the original Oblivion in terms of story telling, overall game events and story beats; and characters (and voice acting, arguably the best part of the original's "charm", which at this point I think should be an untouched now-classic limitation from its time). But it's a remake in terms of assets, game systems, UI, etc.
Maybe let's call it a "Remademaster"? Or a "Mastermake"? We have choices. I often just call such games now a "Modernized" game, it covers everything in my book.
In any case, I played both Oblivion and Skyrim to about equal measure (easily in the 2000+ hours range each). And, personally, I always preferred the game setting and story of Oblivion over Skyrim. I did always prefer Skyrim's combat and leveling (and UI, because yes, Oblivion's UI was an absolute "consolitis" effect of its time on the PC version: it was horrid for the brain and the soul), but that's where it stopped with Skyrim. The environments, enemy types (looks and feels very High-Fantasy compared to Skyrim, which feels and looks more Medieval than Fantasy... to me anyway), general world building / setting, soundtrack (let's not forget that one, it does add a lot to the game's atmosphere and feel), story and side quests were - to me anyway - always better in Oblivion.
So a 'modernized' Oblivion with better-than-Skyrim combat along with proper hit detection (goes a long way to make combat more believable and precise), using UE5's capabilities for visuals on top of it (not to mention better and new audio) would definitely make Oblivion not only worth a try, but would finally, properly make Oblivion better than Skyrim (and as I said, I only ever preferred Skyrim's combat, but Oblivion overall always remained my favorite of the two; not that I want to remove anything from Skyrim, but yeah, Oblivion was the SH_ back then, way more impressive in 2006 than Skyrim was in 2011).