Could you elaborate on why oversampling is important? With Nyquist I was generally of the impression that 2 x bandwidth should be just fine, but in practice oscilloscopes (just one example) seem to have five times or more sampling rate than bandwidth.
The Nyquist rate is the theoretical minimum that allows you to distinguish one frequency from another. Sampling a higher frequency will cause an alias component to appear. This means that in practice, there must be analog band-limiting before the signal is sampled to reject any out of band signals before they are aliased to an in-band frequency and cannot be removed. The closer the band limiting cutoff comes to the nyquist frequency the more extreme the roll-off requirements for this band-limiting. Oversampling relaxes the band-limiting requirements, and can also increase the bit depth at lower sample rates. See PDM microphones for an example where this is taken to the extreme.