Does Oldblivion improve framerate on current generation cards such as Geforce 6 and better?
In general, no. While the shaders Oldblivion uses is much shorter than the shaders Oblivion uses, there is a chance that your card either emulates or translates the 1.1 shaders to the version your card primarily supports. Oldblivion isn’t a compromise between visuals and performance. It’s more of a solution for people who have cards that perform horribly under 2.0 or simply don’t support it at all.