I'm going to do a post soon on how to set up Oblivion so you have all the best graphics mods, they all work with each other and the game doesn't crash every 5 seconds.
I still need to document the various race/face/body replacers and some INI settings but here's a mod & util list so far installed and happy:
Alive Waters
All Natural (Weather)
Animated Window Lighting System
Beaming SUnglare
Better Cities
Better Oblivion Sorting Software
Bomrets Texture Pack
Clocks of Cyrodiil
Darnified UI
Enhanced Vegetation
Enhanced Water
Fast Exit
Frostcrag Reborn
Glenvar Castle
Improved Trees & Flora
Kvatch Rebuilt
Landscape LOD
Natural Environments
Oblivion Graphics Extender
Oblivion Mod Manager
Oblivion Script Extender
Oblivion Stutter Remover
Qarls Texture Pack
Rainbows in Tamriel
Real Night Sky
Really Almost Everything Viewable When Distant
Storms and Sound
Streamline
Tes4LODGen
Unique Landscapes
Unofficial Patches
Wrye Bash
How soon is soon
