Picked up the new march EGM today and to my vast pleasure, it has a two page article on gameplay for Oblivion. Its done in a narrative format like the Game Informer article from last month. Here is a little quote from my favorite part.

"Early in the morning, I find a seemingly free pony at the stable and set off on a quest to assassinate someone swarthy. A few hours later, I'm hiding from my pissed-off stolen pony inside the Inn of Ill Omen, thinking that its pretty damn aptly named. The pony went bad after I accidentally stabbed him while trying to kill a rabid wolf. If I hadn't been distracted by the majestic herd of deer springing through the glen along the path, I might've been more prepared for the beast. Combat here is much improved over Morrowind's random die roll powered mess. And though I can control the strength and timing of my blows and blocks, my pony clearly thinks I need more practice."

btw ox, CE is listed again so i'm gonna preorder you it today

Stealing:
Pete Hines explaned, that one of the important new gameplay-elements is bigger consequence from stealing and breaking into peoples homes. Its now harder to steal objects, because the city guards now can see when you carry around stolen objects and items, and will confront you when they see it. Furthermore, the stolen items cant be sold to normal shopkeepers, but only to special recievers of stolen goods, which is some very secret types, you only can find by sniffing around in Thieves Guild.