A term which combines "LOL" (laughing out loud) with "Oblivion", referring to the video game by Bethesda Studios in 2006. The term means to critically laugh at this video game for being a symbol of the new generation of gaming which has had progressively easier games, being an unpredicted and shocking trend. Oblivion, being the fourth game of the Elder Scrolls series, has become the shallowest and easiest by contrast and thus becoming iconic of this trend, hence "LOLblivion".
The video game 'Elder Scrolls 2: Daggerfalll' is one of the largest game universes in history, with a fabulously rich and involved character creation. Even finding a simple store took time, skill and deduction. 'Elder Scrolls 4: Oblivion' is a tiny fraction in geographic size, more narrow in equipment, smaller in scope and quests, lacking vast amounts of dynamics, and yet is far more popular, played, and loved. Oblivion? More like LOLblivion.