It's going to look a few years old upon release but it's definitely a major leap from what Fallout 3 looked like. I worry about engine optimization though, it's fine if it looks a few years old if it uses the same amount of juice that those games did but if it requires as much as a bleeding edge game, it'll be a problem.
Keep in mind that this screenshot is of a very photographic location, as it consists mostly of architecture, dead trees, simple foliage, and waterfalls (which are easy to make look good if done right), all at significant distance (to hide texture resolution). Also note that this is a jpg that they didn't go light on compression on, hiding both possible alterations (for which Bethesda is known) and fine detail.