Actually, if Bethesda releases any patches, Xbox users can get them from Xbox Live. Also, there will be official downloadable content available on Live for Xboxers (PC users can get them too). So the only thing Xbox version is missing is the player-made mods & the Construction Set.
If you're wondering what the difference in visual quality will be, the developers keep saying that the PC version with max settings is equivalent to the 360 version. Of course, the PC version gives you a lot of options to tweak so you can get it running just right.
As far as controls are concerned, I never played Morrowind on Xbox so I don't know what those were like. For the 360, I know you can assign up to 8 items or spells to the D-pad, so you can quickly switch weapons or spells or take a potion, etc. They've also said the controls will be fully mappable. You can even switch the function of the thumbsticks for the Lefties.
Apparently there is going to be a huge media explosion on Oblivion at about 12:00am PST Feb. 25th. Evidently Bethesda had required a bunch of media not be released until that time. From what I've read on the official forums there should be new videos, screenshots, podcasts, etc.
Here is the post on the official forum that has a bunch of links:
http://www.elderscrolls.com/forums/i...owtopic=244764