This argument again? I'll post what I did in an earlier thread.
I've seen this "they're only standing on the shoulders of giants" argument repeated a few times even on GAF, and it's ridiculous. What made Fallout: New Vegas stand out had nothing to do with the framework that Bethesda had created with Fallout 3. The writing quality, the care in designing the logically and consistent world i.e. world-building, the themes explored in narrative, the characters, bringing back core mechanics and systems such as the Reputation system and a larger focus on skill checks, continuity with the previous Fallout games (Fallout 1 and 2 specifically), and respect of the established world from those past games has nothing to do with the technology and framework Obsidian was given to work with.
If anything, I feel this was more of a constraint than a positive. A lot of the people at Obsidian were instrumental in the development for Fallout and Fallout 2, and even went on to start Van Buren. Some form of isometric and turn-based system would have likely resulted in a much better game, but more to the point, Obsidian's achievements in New Vegas were in spite of the (in my opinion poor) frame work they were made to work with, and would still be present even if they copied Fallout 1's framework. Josh Sawyer has gone on to speak on some the limitations and decisions Bethesda imposed to keep the game "mass market" friendly, some of which he tried to fix (difficulty and balancing related) with his own mod.
As for Fallout 4, if what we've seen so far is anything to go by, their focus on "an emotional narrative" through voiced PCs is going to have repercussions. One that is already evident is the inexplicable dialogue wheel (square?) limited to four options, and two-three words (the full line gets read after choosing). It's not even clear whether skill checks will still be part of dialogue. Furthermore, the apparent focus on action-oriented gameplay, and reducing the effect of stats has me even more skeptical.
Bethesda aren't what they used to be. Whether it was a fluke or just the culmination before the decline, Morrowind is and continues to be their best example of creating a believable setting. The attention to detail is phenomenal. If Bethesda could've held onto whatever creative forces led to the world-building present in Morrowind, it would have been something to see. But they didn't, they made a push for consoles and streamlined their series substantially, and all the attention to detail was lost. It shouldn't come as a surprise when a developer like Obsidian whose strengths include world-building and writing, remind players of the difference.
What? A list of subjective statements doesn't bring anything to the argument. How is it more exciting? Why were they more memorable? Etc.
I don't personally think this article is very well written or presents any original material to the argument that hasn't already been talked about in forums or YouTube videos, but the overall conclusion is sound.