I don't really mind the interface and unless Morrowind was also a console port this is pretty much the same interface... just a little better. Yeah, its big but when your focusing on the game behind the interface... hell, I barely even notice it. Though I'll admit the first person viewable weapons seem a bit large at times....
I went to bed after 3am after playing some twelve to fourteen hours.. and only then because I didn't want to sleep all mourning.
The game is not perfect but damn the game-play is amazing. Again I have yet to play anything but a stealthy backstabbing arrow flying assassin.
After a crash to desktop a weird system reboot while on pause and AFK... I had a couple moments of terror as I exited the same cave where my crash to desktop occurred I was greeted to a totally black screen with the GUI and sound effects still play. At first I thought, "Holy SHIT, Oblivion just killed my 6800 GT". But after reloading the auto-save twice the beautiful graphics came back and made me realize I better get to bed.