My comp specs for ES3: Oblivion

Nope. In fact your rig is pretty outdated. Make sure you get 4 gigs of ram and 2 7800 GTX 512s and MAYBE you'll get to play with 30 FPS...

Seriously, if you can't play it at those settings, I'm gonna have to jump off a bridge.

Recommended:

3 Ghz Intel Pentium 4 or equivalent processor
1 GB System RAM
ATI X800 series, NVIDIA GeForce 6800 series, or higher video card
Minimum System Requirements:

Windows XP
512MB System RAM
2 Ghz Intel Pentium 4 or equivalent processor
128MB Direct3D compatible video card
and DirectX 9.0 compatible driver;
8x DVD-ROM drive
4.6 GB free hard disk space
DirectX 9.0c (included)
DirectX 8.1 compatible sound card
Keyboard, Mouse
Supported Video Card Chipsets:

ATI X1900 series
ATI X1800 series
ATI X1600 series
ATI X1300 series
ATI X850 series
ATI x800 series
ATI x700 series
ATI x600 series
ATI Radeon 9800 series
ATI Radeon 9700 series
ATI Radeon 9600 series
ATI Radeon 9500 series
NVIDIA GeForce 7800 series
NVIDIA GeForce 6800 series
NVIDIA GeForce 6600 series
NVIDIA GeForce 6200 series
NVIDIA GeForce FX series

What you have there, sir, is a paperweight. Throw it away and get a proper system. I'll take that heap of junk off your hand and you can have my, er, calculator. Deal?

Not that this answers your question but I have an ATI x1900xtx and I play the game at 1680x1050 with everything maxed. Draw distance, textures, shadows, character and object fades, even shadows on grass. Great framerate, even with over a half dozen npcs on screen. I haven't even bothered to OC the card because it would be pointless.

My rig is an X2 3800+, bumped to 2.2 ghz, which more than meets the cpus requirements. I haven't upgraded my video card in awhile, though, so I'm using a 6600 GT, slightly less than the "recommended" hardware but well above the minimum requirements.
The game setup utility recommended the "medium" graphics level, so I let it install to the defaults.
So I'm not at maximum resolution and I don't have all the eye-candy elements turned on.
Game still looks great, it flows smoothly without any hiccups and it's been a lot of fun to play.
So, in short, the game will still look incredible if you run it at the medium settings. But if you want to run at the max (1280 x 1024, anti-aliasing on, full shadows, full details, etc.), you probably need to have a cpu running at 2.4 ghz (AMD) or 3.4 for Intel and a $500 - $600 video card (X1900, 7900 GT).
I'm getting by quite fine with a 6600 GT right now, but I'm going to upgrade later this year ... not so much for the resolution, but so I won't be slowed down when I install the mods that other people, more talented than I am, are now working on (better heads, improved bodies, more people added to the game, more monsters and critters, etc.).