My impression: Its technically flawed, but good lorewise
My impressions of Fallout 3 after having played it quite a lot. Overall I think for their very first effort, especially after having picked up where others left off, was a decent job. But I think there's a few key problems, all of which have to do with systemic/technical aspects of the game.
I think the main problems with it, are purely to do with the systems/niggling gameplay issues. The dialogue could be a bit more "adult" but I think in a lot of places they did a good job, however there needs to be more options.
They implemented SPECIAL well imo but they didn't implement it strongly enough. I think this is just a difference of design philosophy in that Bethesda's RPGs generally are more related to player choice rather than stat-heavy, and no developer can erase their history. BI had a long history of developing very stat-heavy (in terms of their impact on gameplay choices/events) RPGs, especially if we look at their usage of the D&D licenses which epitomise stat-heavy RPGs. Given their previous efforts Fallout 3 is more stat-heavy but not enough, and I think this is easily rectified and probably will be in the event of another Fallout title. They also gave us too many skill points and a level cap - the level cap makes sense given that we now get a perk every level, and there would be some big problems perk-wise if we had level 50 characters running around. They SHOULD reduce the amount of skill points however, or maybe just reduce them in higher difficulty modes.
I think the ending wasn't very good - and Bethesda themselves have admitted this and will be changing it in an upcoming content patch - and that we should have been given info on the future consequences of our actions like in Fallout 2, or at least allow us to continue playing after the main quest - which we will be able to do after the new content patch, so these problems are both being rectified really (here's hoping the new ending is better!)
My other primary concern was that we didn't have item descriptions, although its not a major concern at all. This could probably be easily fixed in the event of a future game.
One thing I think they did well was the implementing of the new first person perspective, and while a lot of people piss and moan about it I think it gives us an entirely new perspective on the Fallout universe allowing us to see everything in a way we've never seen it before. I really like it, and the detail in the graphics is awesome purely because its Fallout and they faithfully reproduced the old graphics in detail. Even the old wall-mounted computer consoles for example were exactly like in the other games. Reproducing shit like that was not something they needed to do at all, but they did it and I was pretty damn happy with it when I found out they did it.
While the dialogue isn't always strong I think the overall flavour of the setting, the locations, and the treatment of the fiction/lore was all done very well. There wasn't anything immediately obvious to me that conflicted with established facts in the other games and in this way I think they did an excellent job. I'm also very pleased they included the Enclave, BOS, etc because we weren't just plunged into something 100% new. We had a few familiar things in an alien location and I think they all work pretty well, even if the gameplay does fall short sometimes. Places like Megaton, Underworld, and ESPECIALLY Rivet City I loved. Rivet City was a fucking cool idea and fits in so well with the Fallout universe.
Overall I think there are a fair few technical flaws. The stats AND skills need to have more of an impact on everything, the dialogue needs to be more interesting in general, and they need to make VATS less of a "god mode", but these problems are offset just enough by the respectful treatment of the franchise to make me think its a good "first try" at picking up a franchise which wasn't theirs to begin with, even if it's not my ideal picture of Fallout 3. If they learn from at least some of their mistakes, which I'm sure they will, then the next one will be a hell of a lot better.