No its not, I know before you say.. I did say earlier its not online.
But to be honest I dont think there is an online multiplayer game with the scope beauty aestetics (mulitple aestetics and 24 hour caledner) of Oblivion yet..
What I was trying to say was which many other people have agreed with is that if it wasnt online this sounds like a perfect one for you.
Even if you havent played it , it is very worth it.