I would also recommend the PC version, but not because of graphical power. I played Oblivion on less-than-perfect PCs and the reason it proved to be such a joy was because of the modding community. Users created such elaborate and detailed mods that it extended the game's life significantly. While it may be possible to incorporate mods on the PS3/Xbox 360, it would probably be more complicated. So, if you've got a rig that can handle it, go for the PC.