Is it like oblivion or is there a new one?

Don't quote me on this, but I believe I heard something to the effect that there is an adjustable autosave feature that allows you to set how often you want to game to save automatically.

I hope that's the case, because several times in Oblivion I would get lost in playing and forget to save, and then...whammo...dead. Reload from half an hour ago...

I recall hearing that for PC version not certain it effects PS3/360 ones

Anyways I havn't seen a photo of the save system but I heard it works similar to Oblivion and fallouts in terms of layout

Yup there is. Every 15 minute is default.