So, I did a thing and played this for a few hours today on Xbox. It might be a while until I get back to Oblivion. It's been many moons since I played a turn-based RPG, but damn it if this isn't a great game.
Beautiful environments, fascinating story, and great characters. The soundtrack is also phenomenal and sets a great tone for the gameplay.
So, from what I've gathered thus far the anagonist (The Paintress) somehow sundered the world. That's the remnants of 1800's Paris that is shown in the opening sequence.
The detail on the characters are indeed phenomenal. Way ahead of even current day Bethesda games.