The graphics are decent, and if you didn't played any previous part of The Elder Scrolls then it's possible it looks 'shit'. I personally loved Oblivion, and played it for quite a long time, all day long. I'm currently playing, but just at the start as I got a sword, pretty nice so far.
Currently I've been playing MW3 for the past 3 days. But in a couple weeks I might get Skyrim or wait for my brother to buy it. It looks nice, I really liked their Fallout games though, hopefully they release a new Fallout soon.