I would love to see a new Torment, or a remade Torment, or even just another game with that calibur of storytelling. Unfortunately, Torment was superlative, and even Fallout and Fallout 2 didn't reach its heights of narrative excellence. Of course, did BIS try to do the same thing with the Fallout games? No. Some games you want to be dark and fun and satisfying without taking itself too brutally seriously, like Fallout and Fallout 2 (neither of which had a particularly complex or "powerful" main story). Some games you want to capture the essence of the setting and system from which it comes, like Baldur's Gate. Some games you want to tell a powerful story, like Torment. All of these things are present to some extent in every BIS game, but you can tell that on certain games and series, BIS focused on specific things. In Fallout, it was making the Wasteland. In Baldur's Gate, it was capturing Forgotten Realms. In Torment, it was the amazing story. (And yes, I know Planescape is another D&D setting, but I'm talking about different emphasis)
I'm squarely in the "Fallout 3 was good" camp, so I think it's a good example of Bethsoft doing game design right. On the other hand, while I enjoyed Oblivion and played the hell out of it, it felt generic.
Bethsoft does its best when it's not doing generic fantasy. Okay, maybe it was good back in the days of Daggerfall, but now for it to be compelling it really needs some better hooks. Oblivion's main story and setting, while the worlds of Oblivion itself were interesting in a hellish Quake-meets-Xen sort of way, didn't hook me like the story of the Nerevarine and the encroaching Blight. Shivering Isles, on the other hand, brought out a fantastic and terrifying dreamscape that had both a fascinating (and amusingly deranged) story and a great setting that felt fresh.
Oblivion's quests weren't entirely mediocre, though. Some were excellent, specifically the Thieves' Guild and Dark Brotherhood quests. A lot of that cleverness shined through in Fallout 3, especially in certain quests.
[spoiler:fc751a3e52]If you decide to go with Braun's games, Tranquility Lane becomes one big Dark Brotherhood quest, complete with creative murder and innuendo.[/spoiler:fc751a3e52]