Tim may, or may not, hate Fallout 3 and what Bethesda is doing with the Fallout license. Obviously that quote is not betraying his feelings either way.
And I certainly wouldn't expect him to say anything negative about it when its released. If he really does like it, he'll probably say so, so a "no comment" type response
after release, and after he's played it is a pretty sure sign that he hates it.
With that said, even though he's not designing, so not neccessarily guiding the direction that NCsoft is going, he did choose that company to work for. Which means that he's now making RPGs that are online, action-RPGs with close up 3rd person perspectives. He's also working for a man in Richard Garriott who,
according to the article I found linked here at NMA really like Bethesda and feels the Edler Scrolls games are going a good job of carrying the type of RPG he was doing with the Ultima series forward.
It should also be pointed out that times change and industries change and, to some extent, game developers stick together because it can be a thankless job at times. No, this isn't a "Fallout is outdated" statement, I'm simply talking about the fact that the gaming audience generally feels entitled to things, and often puts them at an advesarial type relationship with the devs. And this for a profession that nobody gets into that doesn't love games. Nobody gets into gaming "for the money."
Because, gaming jobs pay very poorly. If you are a programmer, you can make more money, work less hours and have an easier job in another industry. If you are an artist, you can work less hours, make more money and have an easier job in another industry. If you are a producer, in the marketing department, or in QA, you can do the same type of work in another industry, with more money, better job security and far more managable hours.
Developers tend to give other developers the benefit of the doubt, so you might find that after all is said and done Tim Cain's views are quite different than that of NMA. Who knows.