Bethesda SoftWorks has officially released their first patch for the Oblivion.  However, it is a Beta Patch, meaning that they do not recommend it unless you are having serious problems with the game already, because otherwise it might cause even more problems.  So if you’re currently fine, just wait for the official patch.  I’m also excited about the new Ultra-low graphics setting, which will definately speed things up on my sluggish PC:

New Ultra Low Quality graphic setting available under Launcher options with improved support for low end FX cards (5700 and lower). To use this setting, go to the Launcher, select Options and click Reset to Defaults to allow the auto detect to check your system.

Implemented SLI-mode optimizations on Nvidia cards, and Crossfire optimizations for ATI cards.

You can get the Oblivion Beta Patch here.