It draws closer. I know there's been a lot of contention about how Bethesda has handled it, but as a fan of the originals, I'm pretty excited about it. I generally like Bethesda's work, but aside from that I think what I've always loved most about the Fallout franchise has been the world, the characters, the uniqueness of the setting. I recently finished playing through the first game again and am underway with the 2nd now, and I'm realizing that I'm really not all that married to the gameplay. There isn't anything essentially wrong with it, but it's a little unbalanced and sloppy at times where combat is concerned (less so with 2), and the thought of getting to explore that world in a more intimate perspective has me excited. I love the sheer verticality of what we've seen from FO3 so far, which is really nice compared to the flatness of the originals. It adds a new sense of scale to the thing which I think will help it feel fresh.
Anyway, I'm pretty excited, especially with some of the more recent footage. I don't think this will be the "Oblivion with guns" scenario everyone is fearing, unless you happen to dislike the way Bethesda builds worlds (and the obvious fact that certain purely mechanical functions may function similarly to Oblivion, like fast travel and such).
Anybody else looking forward to it?