According to a post on Bethesda production director Ashley Cheng's blog, a patch to fix the "formID" bug in the Oblivion expansion Shivering Isles will be available for download on the Xbox 360 Monday, April 30. The patch has been available for PC since April 12, as well as some fan-created solutions prior to that.
There's a chance the patch will not make its purported Monday deadline, but the good news still is that there is a patch and it is complete and coming very soon. The critical bug would essentially appear late in the game and cause items to disappear.
Cheng, whose current project is Fallout 3, has also posted a handful of YouTube videos featuring the various introductions from the Fallout series. Maybe they're considering a similar opening for their version? Time will tell.