Besides the armor part (leveled loot was indeed a bad idea), there are a s*** ton of dungeons to be found roadside in Oblivion. I don't see how they threw the exploration aspect away at all.
The amount of roadside stuff in oblivion is minuscule compared to morrowind. Oblivion isnt a bad game, but its horrible compared to morrowind.
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Currently playing: SC2, Civ 5
Next up: eh ; Awaiting: meh