Originally Posted by coaster
Note for collectors: the other DLC for Oblivion is not included (Mehrune's Razor, Horse Armour and the like).
As a bonus, the included Steam key will activate Steam versions of Morrowind GOTY and Oblivion GOTY Deluxe. Like the disc release of Oblivion, the deluxe versions include the main game, Knights of the Nine, and Shivering Isles, but it also adds English versions of the Wizard’s Tower, Fighter’s Stronghold, Orrery, Thives’ Den, The Vile Lair, Mehrunes’ Razor, and Horse Armor. These add-ons are not compatible with the disc version of the game, so you will need to use the Steam version to access them.