Elder Scrolls IV: Oblivion interview
Gamespot has a post-E3 interview with Elder Scroll executive producer Todd Howard. The game is pretty big (16 sq miles) and I would say that excellent graphics are a given since it's an Xbox 360 game. Just plan on picking it up for the Xbox instead of for your, probably out of date by then, pc.
GS: At what stage is the team at in development and what's left to do? What kind of hardware should PC owners look at to run the PC version? Can we expect both versions to ship simultaneously, or do you see a staggered launch, similar to that of Morrowind?
TH: We're in alpha, so the gameworld is built, we're polishing it up, balancing, optimizing the game for speed and other new graphical features. In terms of system requirements, can't say yet. But if you want to turn everything on, expect to buy the best PC available when the game comes out. It will certainly look perfect on every 360, so I'd probably go for that if you're not sure what kind of performance your PC will deliver. Regarding launch dates, we hope to make them available at the same time.