I find this useful and broadly in line with my likes/dislikes:
http://www.uesp.net/wiki/Oblivion:Must_Have_ModsExcept it doesn't have much in the way of quests, so I supplement it with this:
http://devnull.sweetdanger.net/quests.htmlUnlike BG2 where the game can be enjoyed without mods, I'm afraid this wasn't the same for Oblivion. At the very least you need a mod which deals with the terrible level scaled enemies and loot - Oscuros Oblivion Overhaul and Francescos mod (both on the first list above) are the two best IMHO. Personally I prefer Fran's. There is a mod which combines them both (plus lots of other mods) called FCOM but installation requires a PhD and getting it wrong can screw your game, so I wouldn't bother, particularly for your first playthrough.