“Oscuro’s Oblivion Overhaul aims to make Oblivion a much more interesting, challenging, realistic and dangerous place, and also offers great rewards for the daring adventurer regardless of your level.
You must be prepared to cast aside your previous notions about Cyrodiil. The world no longer revolves around you, the player. Do not expect to be able to beat every monster or NPC you meet. Previously familiar areas may now be much more dangerous and you will frequently be forced to retreat from enemies who are too powerful to beat until you are stronger. You will probably die a lot more often now. However, if you have the ingenuity, skill, and luck to survive the odds stacked against you then you will be justly rewarded for your bravery!”
Due to the amount of information, the release candidate and final change and tweak logs will not be posted here. However the following link has all that information and more:
OOO 1.32 Changelogs and FAQ's 
And for the readme if you would like to see what OOO has to offer prior to downloading the 400MB+ file:
Download Oscuro’s Oblivion Overhaul 1.32 Final (Full Version)…
