This video was recorded before I saw some more stuff backing up the rumour as likely real.
Apparently, it won't be a full-on remake, but more like Halo Anniversary?
Still, while I'm not a game dev, I'd be surprised if they can just port the game into a new engine and upgrade the graphics. I'm predicting a MASSIVE amount of jank, far more than we're used to even from Bethesda.
Even if you like Oblivion I'd be very skeptical of this one, I don't think it'll be a simple, smooth graphic upgrade with no issues.