I know there was such a thing in Morrowind. I don't recall one specifically for Oblivion, but I'm thinking there was one for that game also. So it would be shocking to not see it again.
Of course, I'm also wondering if I'm in the minority or not for people who think the Skyrim hair just svcks overall. I didn't care for 90% of the hairstyles I've seen. The meshes are not Bethesda's best work in my opinion, and some of them are just sad. A couple look like little more than a texture wrapped around the character's head but slightly elevated above the scalp.
I'm not worried though. I know some great hair mods are on the horizon as well!
No, you're not in the minority. Many of the hairs are just plain ugly and I'm anxiously waiting for some new ones to come out. I have yet to see one hair mod though
So I'll be more than satisfied if someone can just make all the hair textures in the game available for every race; then at least we have more options to play with