Oblivion + Shivering isle + Natural Environments + MMM + Natural Water + Qarls Texture Pack 3 + TriLowPoly grass with max distance max grass.
*snip*
Looking good. However, you might want to check out streamline 3.0, it really helps with fps/stutter. An essential mod if you using QTP3. Also, I find that Natural Environments makes the game look too "cartoon" like, I just use vegetation + habitat , looks more realistic.