I just bought Oblivion yesterday (collector's edition because I'm a consumer whore). I was messing around with it the other night and man is it cool, such a huge improvement over Morrowind.
Anyway, what are the essential mods for the game? I'd like to keep it mostly stock in terms of items and stuff like that, but something to clean up the muddy faces would be nice (there's a ton of face mods out there, which is best). Also I'd like to try something to increase the texture detail of distant areas, but again I'm not sure what to get. Anything else beyond that stuff?