Regarding a patch for Oblivion, this was just posted on the official forums by Pete Hines:

"Sorry for the delay but in trying to address everything and going back to cover a few things that came up late in the process, the fixing/testing cycle put us a couple weeks later than planned. The beta patch will be out this week for PC folks that want to try it/test it and -- assuming nothing else comes up as folks play with that beta patch -- the final PC patch and 360 update will be out a couple weeks later."

Any info what will the patch fix?

Nothing yet. It's a good bet we'll see the full list of fixes as soon as the patch is out, no earlier than that.

Thanks for the info. Will be interesting to see what the patch will address, as I haven't noticed many bugs myself.

Hopefully it will address the lockups on the 360.

maybe it'll change the merchant infinite 800g thing (where the amount of money a merchant has never goes down)

I really think that the 360 is more buggy than the computer, take that with the grain of salt that I have lony gotten to play for less than a dozen hours b/c I still don't have a computer that can play the game, or an xbox360. Hopefully it'll address some of the framerate issues/polish that the computer users have been feeling (cite pcgamer magazine article)

Ah, so this is a bug? I thought it was a feature. In Morrowind I dropped mountains of weapons and armor in the shops of merchants, and kept coming back to sell some as soon as they got more money. I found this quite tedious...

Well better sell as much loot as possible before the patch then...

Its a feature, Bethesda would of caught this near immediately when testing shops.

True.
It's something that can't be missed in 4 year development
That system doesn't have any sence if you ask me though,but that's another story