I think technically this one's the best so far. You can see which parts are Oblivion and which are Skyrim, but they're blended so perfectly (hey, great sense of proportions, perspective and colour values; besides, invisible transition in daytime colours is twice as difficult as nighttime) that this image is equally beautiful as separate components and as their sum. Hats off
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Also, skyrim image actually is panorama - http://www.nexusmods.com/skyrim/Images/468133/?