The answer is predictable, in the mean time, let me introduce you to a friend of mine:
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I like Saw. Especially The first indoor drop. It is not a bad coaster at all. Infact i would say it is a good coaster.
However, Oblivion is a great coaster. I know it only does 1 thing.but that thing is amazing.
I actually like SAW and if it weren't for the horrible restraints it would place a lot higher in my rankings. The indoor section is excellent imo, the drop is ok (far from oblivion though) and the loopings/airhill are fun But the restraints are horrible and therefore Oblivion is a much better ride!
This is quite a tough one really. Oblivion has a beast of a drop, and being the first of it's kind gives it a great status already. But in my opinion, Saw gives a generally more exciting ride, and specifically the first half feels very 'American' and 'Universal' like.
I'd actually say Saw: The Ride, Oblivion is a one-trick pony.