I just got to level 17. Bear in mind that I haven't taken a look at the list of mods that are out there, so my assessment of the game could easily be corrected by a few mods.
as a warning, possible spoilers below
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Anyway, out of the box:
1. mountain lions are absolutely a...
I get various forms of crashes, and they do occur occasionally. I get a BSOD except without a cause for the crash (it's just a blue screen). Sometimes, Oblivion just hangs when I leave a city. Anyway, it's probably due to my low specs as seen in my signature.