Oh, I've definently been through that before. It's annoying, and I wouldn't want to put people through it. No need for laptop/specs-related insults. The next time I come on Oblivion, I'll set my settings to medium and take some screenshots for you.
I figure you won't be able to use HDR, or 4x AA so look forward to No anti-aliasing, and bloom lighting. The water effects will be the same though. Yes, I'm almost certain it will look sorta like that. That's what mine looks like.
That's on bloom, with no anti-aliasing. I guess that would be the equivlent of medium settings. I love my zombie! He has a bit of a teething problem, but he's like a son to me.