I too am pained to admit it, but I liked the first Two Worlds. I probably spent more time with it than I did Oblivion. My wife wouldn't let me play without headphones because the horrible voice acting drove her crazy.

I like Two Worlds too but I do not think it is as good as Oblivion.

They're different games. Two Worlds is a small budget game that got in over it's head, ran like crap, and was borderline broken, but has great character once you push past the ugly parts. Oblivion is a big budget behemeth from a massive development studio with years of experience making polished games, and have gotten to the point where all the character is scrubbed out in the name of accessibility. I like Oblivion, it just felt incredibly dull after thirty or forty hours, but I managed to scrap at least fifty out of Two Worlds. Just my preference.

I know they are different games but in my opinion, Oblivion is a better game.