What's the real effect of Luck attribute in Oblivion?

Luck is represented differently in every rpg, particularly in the various Bethesda rpgs. Luck as an attribute just isn't weighted as heavily in Oblivion as in other elder scrolls titles. Morrowind for example puts a lot more emphasis on luck because it is related to hit and dodge chance, where Oblivion uses hitbox detection instead. One significant difference that luck provides is that it works as a skill multiplier for every time skills determine a random outcome. Having higher luck is similar to boosting every one of your skills slightly. Just going by the first few paragraphs of the unofficial elder scrolls wiki article, having 100 luck is the equivalent of boosting ALL of your skills by 20 points. Having luck below 50 will have a detrimental effect on all skills. Skill bonuses are the most noticeable effect that luck has on a character, as it is difficult to measure other effects in game.