To some extent, but not quite. You remember that a strong light leaves tracks in your sight for a time, just like phosphor (relates to phosphodiesterase that the eye uses for gathering light) glows after being exposed to light. So, that's one thing that's been missed.
Also, if you've been watching directly into the Sun for a longer time, you might get permanent blind spots or get totally blind. So, that's idea for another disease to be cured: blindness. However it should not be done in a sort of chapel and not for free. Curing this might be quite an interesting quest.
Meet a saint? Being sent to another dimension, to accomplish some dirty work? And you get your sight back in advance? Maybe.
A finesse is also eye's adaption to the overall environment brightness. You know.. you spend hours in a dark room, and then you go out and just fail to absorb all that blinding vibrance. Your iris must first adapt i.e. close the window through the lens. Then you do not feel outside light hurtful anymore. Vice versa, when you get in from inside, you need your receptors to "cool down" before you can finely see in dark. One more thing, I'm not sure whether that's done in Oblivion or not. The only receptors that remain active in the dark allow you to see only black/white image, so some dynamic desaturation shall be also considered.
I'd just love to run or be involved to projects that simulate all this stuff. I remember games who simulate high adrenaline in blood through somewhat blurred sight. That's also a detail that's not present in Oblivion.
p.s.
Excuse me, this is just a very large topic. Would you like playing with different air pressures?
Like being sucked from one chamber to another. Or from a space station to the open space? And even sound effects that happen in the process? That might be just interesting work.