Well, having seen the video of the E3 demo, we can say a few more things about the interface.
First, at the highest level, one thing that we'd overlooked in the above image was the metallic brackets around the health/fatigue/magicka bars at the bottom of the image. In fact, it appears that each of those four bottom elements of the display (the bars, the current weapon, the current spell and the compass) are live buttons that select the top-level mode of the view.
In the above pictures, the stat bars are selected, so you're looking at stats. From the E3 demo, the first tab shows your character's race, class, birthsign, level, and the actual numbers (current and max) for health, fatigue and magicka. The second tab shows your eight attributes (strength, Intelligence etc.). The third (as seen in the above screenshot) shows your skills. There are no secondary skills in Oblivion, just primary and other, so I guess you just scroll the skill-list with the slider shown on the right. The fourth and fifth tabs might be your faction alliances and reputation?
In the E3 demo, Todd clicks on the current weapon icon, and the main part of the display changes to an inventory display. The five tabs change to a bag icon (I'm guessing "show all"?), a weapon icon ("show only weapons"?), a shield icon ("show apparel"?), a potion ("show magic"?) and a key crossed with a tool ("show misc"?).
In this screenshot:
http://media.xbox360.ign.com/media/702/702...mg_3116154.htmlthe current spell icon has the brackets around it, so you're looking a spells. Looking at the 5 tabs in the screenshot, you've got an eye icon ("show all spells"?), a target ("show spells with ranged targets"?), a hand icon ("show touch spells"?"), a head icon ("show self-affecting spells"?) and a skull icon ("show combat spells"?)
And back in the E3 demo, we see the compass selected, changing the tabs to a different set. There seem to be only four tabs in this mode - the first is blank, the second shows a sextant (maybe the local map?), then a circular compass icon (shows a world map, which Todd refers to as the "fast travel map"), then a tab with what look like three goblets (which seems to be your quest log), and finally a tab with a single large goblet (no idea - completed quests, perhaps?)