Here's one from Telefragged:

Finger: One of my favorite Morrowind "mods" was not a mod at all - it was a separate program called the Morrowind FPS Optimizer. Along with many handy features for Morrowind like additional options and in-game hotkeys, what it mainly did was auto-adjust the game's detail and draw distance to try and maintain a specific frame rate. Will Oblivion include options that mimic some of the functionality that this utility offered?

Pete Hines: It offers a lot of sliders and options to tweak your performance. We check your setup and card and will set your options at one of four levels, but beyond that you can further adjust and customize the level of detail, draw distance, different options that are off/on as you see fit. We don't offer any kind of "on the fly" auto-adjust or anything like that.

Read the rest (http://www.telefragged.com/interviews/oblivion-march2006/) at TeleFragged.