Morrowind has the same problem, actually, since it has the exact same level system. The only difference is that the enemy scaling isn't as pants-on-head retarded.
(Funny thing is, people's complaints about Skyrim is that the enemies don't scale high enough.)
That being said, the wonderful thing about playing on a PC (which I assume is the case) is that you can use mods. Realistic Leveling for Oblivion and Gardensia's Character Development for Morrowind. These effectively remove the need to consult a spreadsheet every time you want to level up.