I'm determined to create my own 'rebalanced' system, mostly been keeping an eye on modding threads to see what others are doing for the moment.
From playing the game and making assumptions on what will be available in the tools if they are released, I am thinking it is possible to make a pretty good game out of the 'oblivion engine'.
Not interested in remaking already made games though, FO 1/2 should be left as they are (or have already been modded), they are classics... it would be hard to find a good enough developer who just wanted to re-invent the same wheel in 3d.