FF7 has a lot of things that make it great :
Strong Story Driven Plot
Free Wandering to some extent
Oblivion was a big disappointment for me, the graphics are great but it lacks in many ways and im not sure why, it has all the traits of FF7 but i find myself getting bored when i play it.
Knights of the old republic 2 i have started playing and i find very good, tho not as good as FF7, it keeps my interest longer than Oblivion.