I used to have two GeForce GTX 580 cards in SLI with driver version 355.60 and OR worked fine with all features.
At the time I know OR didn't like using any driver version past that (would lose Depth of Field and OR water would become invisible), so I only ran that older driver for the past few years.
I recently upgraded to a GeForce GTX 1080Ti and have to use a newer driver now as that card isn't supported by 355.60.
I re-ran the Oblivion launcher and re-created the Oblivion.ini. It initially mentions not recognizing the card, but rendererinfo.txt populates okay and I can pick all my settings including HDR. Interestingly, I now have to run Oblivion in windowed mode, but it is fully maximized and borderless (fails to launch if full screen is selected).
Unfortunately, Depth of Field and OR water is invisible, but everything else seems to be functioning (I'm thinking Godrays is probably not working either).
The OR log shows:
Starting the command manager...
Starting the utility manager... Starting the settings manager... Extending the render manager...
ERROR: Cannot initialize the render manager. Graphics device not supported.
...whereas it previously initialized fine with my older cards and drivers.
I tried various drivers including the latest and the oldest driver that supported my card to no avail.
I've reverted to vanilla water in the interim.
I've done a lot of searching and see older threads where others had to downgrade drivers, but nothing recent.
So...can anyone confirm that OR still won't work with newer cards / drivers or is there anything I can do to restore the full functionality?
I have a NVIDIA GTX 970 and other people i know use 1000 series so i dont think the problem is OR. OR uses NVAPI and as i see there are normally supported by latest drivers and cards, developer.nvidia.com/nvapi.
If you didnt remove all drivers before uninstalling the old card, that could be the problem. Try to reinstall all drivers from scratch (uninstall all and reinstall all).
By now i have not enough elements to believe that the problem may be OR.