I just loaded up some NVIDIA stereo drivers and tried to play Oblivion in 3D. The game always hangs while loading either initially when you load a saved game, or if it is loaded it hangs as soon as it needs to load a new area. As a result you can only engage stereoscopic 3D after it loads using hotkeys. Once your in 3D you notice that the world in the distance looks fine in 3D so do most of the objects near you. However there are flaws on things like your weapon only being partially rendered. If you hit TAB to bring up the menu stuff, it completely falls apart. My character came up with the Hair mesh missing, and with different content being rendered in the left and right eye views.

My setup
Abit AN8 32X (SLI) motherboard
AMD Athlon X2 4400+ cpu
OCZ 2Gb 3200 Platinum mem
eVGA 7900GT CO Superclocked video
3D shutter glasses

Windows XP Pro
ForceWare 83.91
Stereo Drivers 82.12

I havn't yet tested anaglyph 3D (will post back latter)

I hope that its a driver thing but it dosn't look like it, I loaded up some other games under these drivers and they went into 3D just fine.

2D gaming may be better than a poke in your eye, but it dosn't look any better!
Dogface