I was hyped as fuck when i saw the first ever screenshot of the game, it looked like it was going to have amazing graphics. then i played it and was disappointed, but still had fun.
>all loot is randomized according to your level
>no hand placed loot
>cant steal good stuff from shops
>shops special items are super expensive and not worth it
>less NPCs than morrowind
>less dialog than morrowind
>looked like a low fantasy game with minimal creativity compared to morrowinds alien world
>less weapons/skills
>combat could be annoying with enemies blocking all the time
>physical damage sucks and falls off a cliff late game
>daedric shrines had level requirements, even doing them at appropriate level could be bad idea because loot was level scaled.
>felt like there was no point in exploring dungeons once you find one with a good seed you just run it over and over for loot (ie small dungeon with a lot of marauders and multiple chests)
oblivion was top 5 most disappointing games for me but good enough i still went and replayed it for 12 hours when the remaster came out.