Elder Scrolls IV: Oblivion E3 Preview

GameSpot has posted a hands-on preview of Elder Scrolls IV: Oblivion, after getting a firsthand look of the ambitious RPG at this year's E3. Here's a bit to start you off:
We reached the town during the dark of night. Oblivion will model full 24-hour real-time day-night cycles, and it will actually let you instantaneously travel between different hotspots on your map (though time will still elapse as your travel). The town itself was a smoking ruin; its once-proud cathedral was torn in half and two of the emperor's soldiers stood guard, then charged after a newly-opened portal, calling for us to follow. We did, and hacked our way through swarms of the triceratops-headed clannfear and alligator-headed daedroth monsters (which appeared in Morrowind), and finally reached the huge, glowing portal, from which a ghostly knight in black armor emerged and cut down the soldiers, then turned and came for us.