The title pretty much says it all, is the wabbajack better or worse than it is in oblivion, or better still is it even worth the effort of finding it?

I would recommend getting the Wabbjack . It can be a lot fun to use, in even more ways than the one in Oblivion.

Alright, thanks

It is different only in the effects: It does a random elemental damage, a random instant kill, random heal, random fury (?) or turns them into a chicken, dremora, rabbit, mudcrab, bottle of wine, seet roll or gold coins.

It does more in skyrim but it is still random.