WARNING: This ENB isnot for everyone, and I don't just mean that if you just don't like the style, explanation further on.

Comments are finally fixed. Yay.

Disclaimer:
Credit for this ENB goes toCambion of whom her Photorealistic ENBwas apparently the basis of this mod. She has given it her approval.
To cover my bases. Though I'm not entirely sure, I am willing to bet that some of the work came from astrob0y of whom created the Tweaked ENB and I imagine that some of his files overwrote The Photorealistic ENB.
Thank you, of course, Boris Vorontsov for your incredible work so that such great visual improvements for our games are possible.

With that covered. Let me explain.

Learning of the Mod Organizer, having failed to mod oblivion properly countless times over (though still having the folder on my desk) I attempted once more to mod Oblivion. Impatient for good visuals, I turn to my ENB folder and apply what I had into Oblivion. And it took my a little bit to realize it wasn't clearly the Photorealistic ENB. After a while, I scoured the Nexus to see if I had ended up with someone else's ENB in the wrong folder, but nothing seemed to match. And I realized also how great the benefits to the ENB were.

Wanting to give back to this community in some way, I messaged Cambion and she approved, and here we are.
What it does well:
Interiors: Bright, colorful, illuminated spaces shine in all the vibrant hues offered by the vanilla lights in interiors. 

Bright mountains: Snowcapped mountains ought to be shining their brilliance when covered in snow, this was my main issue with the Tweaked ENB and ultimately why I couldn't use it. This ENB, however, doesn't have that problem.

Bringing out the color: Even with mods like Lush and Gaudy on (as I do), this ENB takes the dullness of vanilla lighting and brings out the color in all environments.

Dungeons: This is a subjective one, and I wish I had uploaded some screenshots while i still had my Oblivion build, but I did so love how this ENB handled dungeon-lighting, especially with the Ayleid Ruin Retexture mod I have in the description. Ayleid Ruins spring to life in luminescent glow while Forts and Caves - that I used better dungeons to make darker because dark dungeons are cool too - were also splashed with color when light shined upon them in instances. And with the right texture mods, simply put, I think this is something you have to see for yourself. Especially Ayleid Ruins. Just don't mind the cobwebs which I mention below.

Underwater: Unlike some ENBs, you can still see underwater.

What it does NOT do well:
Distant Lands: Normal day setting or even cloudy, this ENB can get pretty bright (forget seeing the clouds) and under the wrong conditions playing this can be bad for your eyesight. **To see what I mean, Go to the gallery on the last image of the second page see "How bright it can get"

I'm not a modder, I don't know how to fix this without affecting everything else. You're welcome to suggest a fix.**My advice to you is, if you're going to play with this ENB at night, make sure the game is also at night or at least sunset and have your character sleep during the day. Don't damage your eyes. If that's too inconvenient, I'm sorry, if you know how to fix it, I'd love to hear it.

In a way though, that's immersive, right?

*crickets*

I'm sorry.

Side note: The workaround for seeing the sky again is to install a sky texture replacement mod like Atmospheres Version 3 by Discovery1. The only thing is that during my last playthrough, I do not know if it's fully compatible, as at night - or as it approached night - the sky just turned pink. It might've actually been a conflict with my night sky replacer (i had nebula) but I can't be certain.

Boxed Translucent Problems: Some objects like Cobwebs and coins have a translucent object to them, normally invisible in vanilla, this ENB at least makes them visible. So gold will have little spinning black-outlined invisible boxes that appear and disappear, and rectangles will appear in dungeons where the cobweb hangs in the middle. There's probably others I haven't seen yet.

Shadows at times: Shadows at Dusk-to-Early Night can get real wonky, especially if you are using a torch or Light Magic. I've uploaded an image of what it looks like in the gallery so you know what you'll be dealing with. I don't know how in the world to fix it.

Also, a heads up. If you experience seizure-inducing flickering during your time playing, Go into the enbseries.ini and change:

WaitBusyRenderer=false to WaitBusyRenderer=true

I would've done this myself, but I don't know if it's an issue on other's machines or if that specifically will work. I'm surprised more ENBs on this site don't have that in the description though.

For some people, this might not actually fix it. I don't know the other fix that's out there and I forgot where to find it. But good luck.

[Possibly Important] Information:

Since this is pretty much ripped off Cambion's ENB, I am going to copy-paste her information on the following.

1. About performance:
I have absolute no single clue how heavy this is for your video card, if you will have lag or anything of the like.
What I can tell you, is that I run Oblivion on an integrated Intel HD4000 video chip and a Intel Core i5-3210M and that I have, in combination with the below mods, no lag. Settings I use you can see by on the images tab here on the nexus, and in the screenshots folder of your download. I first selected High and the applied these settings.

AA and Anisotropic filtering are included in ENB, and not needed in your settings.

2. Requirements:
ENB v0.181
Get it at: http://enbdev.com/mod_tesoblivion_v0181.htm

3. Installation:
A first make you you have ENB v0.181 installed, you can find it here.
Now drag and drop these files into your Oblivion directory
(NOT THE DATA, THE ONE WHERE THE OblivionLauncher.exe AND THE ENB INSTALLATION ARE).

4. Deinstallation:
Delete all files added by these ENB settings.
If you wish to delete ENB itself too, delete those files as well.

5. Music RecommendationLooking to expand your Oblivion Music Folder with epic scores? Check out Makkon, Radiarc, and Evening Star on Youtube. Free & great scores abound.

6. Mods Used/Recommended
Lush & Gaudy Floriana Gloria & Interiors and Exteriors by Brittainy (These should be obvious additions)
Kaleen Race Mod For My character Sarriday by nouserhere
Fort Ruins Retexture , Rocks Retexture (but be sure to delete the Jerall Mountain rocks if using Lush and Gaudy) and Cave Retexture by Louigan
Ayleid Ruins Replacer by Althrear
Rens Beauty Pack by Ren
OCOv2 by nuska
Skyrimized Waters by rolloLG
And Mass Outfit Redesign (the Reasonable Flavor) by ElAlquimista

Also, restrictions I have put on this file regarding posting it elsewhere are merely because I don't know Cambion's thoughts (I forgot to ask her) I personally have zero issue with it. But I'll have to clear it with her first.

If sharing this was in any way a thanks to the hard work of the modding community, I'm glad. Oblivion modding was a huge reason as to why I ever got into PC gaming and I want to thank everyone's whose contributed to making my time playing that game into a masterpiece.