The Internet has been lit aflame with the news ES:O looks prettier and runs faster on the PS3. Certain websites have reported that this is the case. My response is, I hope so. After a year and a half longer of programming, it should run and look better. Here's a couple of links so you can judge for yourself.
IGN: The Elder Scrolls IV: Oblivion Image
IGN: The Elder Scrolls IV: Oblivion Image
Those are two of the closest pictures I can find in regards to the location of the game. I honestly don't see that much of a difference. I'm not a graphics wizard, but I do know it doesn't justify the extra $200 for the PS3. Call me old fashioned.
Perhaps one needs to see the game in motion to appreciate the differences. Perhaps you need to see it in 1080p, ohh wait, 480p. I'm sorry, the PS3 can't upscale.
I suppose they need some games eventually, even if it is a port of a year old game. You can only watch so many BR-DVD's.