I have been playing the game on both PC and Xbox.
Since PC version uses UE5 and all its features, it causes some issue on very high settings with RT Lumen On.
Im playing on high with DLSS set to performance with Frame gen On. Its smooth with some minor stuttering inside crowded city area but it's mostly smooth. Tbh game is so massive, expecting smooth flawless experience is impossible. So far i have not encountered any bugs or crashes. Its remarkable effort by Virtuous studio who worked on the game. Bethesda didn't work on the game. It was a third party studio.
And Almost 90% assets remade and rest are mixed with UE5 to give new look. Almost all character models and animals are made from scratch with new audio lines. Its a remake. I have close to 300 hours in original Oblivion. I can tell difference easily. Its not same game, progression, combat and everything is changed.