I think a port from PC to console would be fine, if it uses Oblivion style gameplay. Something like Over-the-Shoulder or 2nd person view would be really cool. I don't know how you're going to use isometric view with the Oblivion engine(either way, it'd be cool), but not making it for consoles would be a bad decision. Not everyone in the world has $600 plus to make a computer fast enough to run a next-gen game like this. And many people use consoles because of that reason.
You'd be missing out on some big $ if you decide not to make for consoles, and I wouldn't be able to play it. lol
lol 
