PC Gamers: Oblivion?

So, I've been working on Morrowind GOTY edition for some time and it's one of the best games I've ever played. I noticed back when i was doing some Christmas shopping that the Oblivion GOTY is out. Questions for those of you who've played them on the PC side:
1) Is Oblivion's play (& replay) actually better?
2) How realistic are the minimum graphic requirements? That is to say, I've got a 1.8 GHz Pentium (circa 2004) w/ XP(sp2), 1 GB RAM and a GeForce FX 5200 (PCI, not AGP - 256 MB). It's marginally higher than the minimums, but quite a bit below the recommended config. I get excellent fps in Morrowind with nearly all the atmospherics turned on. Is Oblivion that much more of a hog?
1) Is Oblivion's play (& replay) actually better?
2) How realistic are the minimum graphic requirements? That is to say, I've got a 1.8 GHz Pentium (circa 2004) w/ XP(sp2), 1 GB RAM and a GeForce FX 5200 (PCI, not AGP - 256 MB). It's marginally higher than the minimums, but quite a bit below the recommended config. I get excellent fps in Morrowind with nearly all the atmospherics turned on. Is Oblivion that much more of a hog?