I purchased the Collector's Edition of it yesterday(along with the strategy guide) from EB Games, and it is definately like Oblivion. By this I mean that it is very large and it appears there is a lot to do(I have not had a chance to play it yet, so I am not sure how good it is). There are two sections of multiplayer that one can play, but you can still play the game online with friends.
There is no subscription fee, and I believe you can only play with a maximum of seven other players. So, I would say it is more like Neverwinter Nights and Dungeon Siege(with regards to multiplayer that is, not in actual gameplay).
I hope that helped. <img src="/ubbthreads/images/graemlins/smile.gif" alt="" />
