The game is using two engines. One, the original "brain" of Oblivion. Two, the Unreal Engine 5. The "brain" is doing all of the calculations and whatnot behind the veil, the veil is Unreal Engine 5 with all the pretty effects and textures.
Mods are already over 200 on Nexus for a game that just came out two days ago.
As an Oblivion fan, this seems like a buy for me. The only mods I'd need are some of the better vampire mods and maybe a Bag of Holding mod like in the original. Other than that, it looks pretty good!
If it was just facelifted and made to run on and detect newer hardware and peripherals, I'd agree, but the remaster offers a lot of new flavor to the tune of voice acting, animations, rebalancing of the leveling mechanics, and fixes to ancient bugs like paintbrushes and quests breaking mid-way. Typically not a fan of remasters, but they usually don't have this much actual work done. Even some of the world objects have been fixed and moved around like the randomly placed giant rocks no longer serrating the gold road.
Usually graphics are a one-way street, you can run all the game logic headless and then punt data over to graphics and forget it since the rendering doesn't affect gameplay
I think that's how the PS4 version of Shadow of the Colossus worked, they recompiled the PS2 code and just replaced the graphics layer with a newer graphics engine
Yeah this sounds kinda like the same deal as with Fable Anniversary years ago. It also used the original game files wrapped up in the Unreal engine and modding was possible with the original tools.