Spoilers obviously.
Example of a mission in Fallout 4 and some open world gameplay. Bad quality, but do you notice framedrops? This is BEFORE the day one patch, mind you. (Hurry before Zenimax strikes the ban hammer!)
https://www.youtube.com/watch?v=ZoV7X9B35Xs
Third person still looks really bad... First person as usual then.
I quite love it that loot window pops up contextually, no need to open containers one by one. Just move aim point from one to another while quickly picking up what you need.