I had the same problem, did the "-applaunch" thing as well and ran steam through MO, when I clicked Data Files there was nothing there and no mods were loading. My "solution": Run the Oblivion Launcher through MO, check the Data Files, your mods should show up there, if they do, there done. "OblivioLauncher.exe" will need admin privileges for that. BUT- OBSE will no longer work, and mods that require it will not work either. I have no idea how to fix this part, I have tried most common solution deleted .ini, backdated BSA, loaded as script extender, I even downloaded the older version of MO to see if it fixed it, but then the "solution" above stopped working. Anyway, good luck to you.
