Well I do think Skyrim is a step backwards but not for the reasons OP does. I think Skyrim looks better, greater detail, better dungeons etc etc. Skyrim is better than Oblivion in almost every way however, Oblivion is better than Skyrim in, for me, the most important thing, quests, personally I felt Oblivions quests (especially guilds) are far better than Skyrims. I also prefer Oblivions magic. So I'd still rather play Oblivion over Skyrim because for me quest quality is more important.
Exploring in Skyrim is better than Oblivion but without good quests to play as well as exploring all you have is exploring and that gets dull after a while.
EDIT: I personally prefer the music in Oblivion to Skyrim, and the UI. I want my journal & maps look like paper maps that my character would actually have not the GPS super slick ipod rubbish in Skyrim, just has no character.
good quests=/Oblivion.
the questing system was abysmal in almost every way. when I reminisce about Oblivion, I seriously can't think of one instance where I felt I was truly having fun. the atmosphere was interesting,
for a whole five seconds. then after the aesthetics wore off I begun to realize how broken the game was as a whole (example: it's advisable to do the main quest as soon as possible, as at higher levels some of the enemies in the game become almost impossible to beat without the proper equipment). also, while flashy, the environment as a whole has no substance to it.
and even with that, my main issue with Oblivion will, and always shall be, is it's lack of compelling lore. I frequently visited a
Daedric realm for christ's sake and not one time did I feel obligated or even interested in examining the architecture.
just a complete let down. not just because of Nu-Cyrod, or the level-scaling, but just the lack of effort. in fact, it almost felt more like an experiment more than anything else, and I simply feel that the Radiant AI system drained too much resources from Bethesda during their development of ES: IV.