Yep its a shadow drop. Out now on steam at least. No idea if its any good or not. At least the gfx are shiny. Never cared much for Oblivion back in the day. (Prefered Morrowind and Skyrim) but I might give this a try one day.
At least its going to feel like a whole new game for me if I get to it, since I played it so little back when I first tried it.
AFAIK, the new level up system just hands you a bunch of points you can distribute to your attributes freely. The old leveling system was one of the very few things I would mod away every time I played so I’m happy with the change.