I was as skeptical about Bethesda handling F3 as some of you are -- consolised, bad dialogue, inept NPCs, boring quests, etc -- from my brief exposure to Bethesdas games (pretty but lacking soul, was my conclusion). However, I recently started playing Oblivion after NWN2 left me wanting more RPG loving.
Now, Oblivion's no Fallout but it is a competent RPG (although 'dungeon crawler' would be a more appropriate label). It does some things amazingly well -- attention to detail being the most striking aspect. The evident care and love that the designers have put into construction the dungeons left me greatly impressed. Yes, the NPCs are weak (thus far), the dialogue and verbal interactions suck (I don't presume for them to get better), but as Chairman Yang mentioned above, the game does show competent writing through its various tomes. So Bethesda does have the skills and core competency, and perhaps the thousands of NPCs that they had to create for Oblivion diluted each one's personality. Another problem with Oblivion is that its melee combat sucks. This could be much, much better. (As an aside, I found the concept of tagging skills as you level up in Oblivion, similar to the SPECIAL system.)
My perfect Fallout 3 would have elements from several games:
1. The DNA of the Fallout universe (SPECIAL, the combat, the world, and the humour)
2. First-person view. After playing and loving STALKER, I was hoping F3 would also do first-person
3. A good melee combat system: turn-based ideally, if not, see Dark Messiah for how it should be done real-time
4. Party interaction similar to BG2 or even KOTOR
5. Lots of gore
6. Dogs and children
And then we have the scans. I think Bethesda is doing a good job balancing the old with the new. The orc with the hammer is ugh; not too sure about how a party will be handled (if Bethesda is going to create a party system as in NWN 1, then please don't even bother with allies). Everything else sounds great: music, combat, world, weapons, and the Bethesda attention to detail -- this could be a great offering.
The only suck is that the game is at least one year away.