Similar to Honest Hearts in that respect, though as much as it pains me to admit... I think Point Lookout is better overall. World design, atmosphere, themes are all better in PL. And eh, I was never into the tribal thing anyway so Honest Hearts loses out there as well. Buuuuut... HH also has the story of the Survivalist, and that's one of my favourite stories in the whole damn franchise, so it wins out by far on that front.
And I agree PL would've made for a better setting than Fallout 3 actually got, yeah. With some surrounding regions using different themes (so we're not just traversing swamps) and so on, but setting it somewhere wholly different, both visually and thematically, would've been amazing. For the same reason, I mentioned I'd probably have set Fallout 3 in Anchorage 20-50 years after the bombs if I'd been the creative director. Somewhere entirely different to the desert wastes of 1 and 2 and exploring some different themes while maintaining the things that make Fallout... well, Fallout.