Well, er, I kinda didn't post yesterday... I wound up playing Oblivion until 4AM. I slept through most of the day, had to hurry for classes, no time for posting.
At any rate, my machine's doing great. I know of the solutions to pretty much every performance/quality problem. I get a constant 60fps outside. All settings are maxed as high as I can go without cutting some things off; I have "bloom lighting" enabled, and a 1024x768 resolution, with x6 AA and x16 trilinear AF.
However, when just exiting an indoor cell, I get a massive framerate hit; seems that it doesn't re-load materials properly. Quicksaving and then Quickloading solves the problem; the loading is evidently the problem, as that measure actually takes time to load, when normally, a quick-load when the save was made in the same cell is virtually instant. (no loading screen, just a fade to the old location) However, in those cases, quick-loading the exact same state takes 10+ seconds, and brings up a loading screen.
In essence, the game DOES look great, though there are a few gripes about it. It also seems to be programmed to an all-too-clear lowest-common-denominator, in this case being the XBox 360. BethSoft apparently hid half of the settings in the .INI file so that they could claim that the XBox 360 was "maxed," though it's anything but.