Ok, here goes...
I have been playing Fallout 3 for a couple of days now, solved some quests, done some progress on the main story and gotten used to the game.
The Good
I remember when I was playing Gothic and I found it difficult to compare the game with something else, so I compared it with Fallout. Why? The free-roaming experience was rare back then. I loved the kind of game that allows you to create a character then go out to explore the world your way, getting by through the unique skills of yours. Well, Fallout 3 is probably the best free-roaming RPG in a long time and it really does the thing proper. Unlike Oblivion I am actually trying to explore the various places I see because most of them actually feels unique. I find exploration fun, and that's a thumbs up to Bethesda.
I also like the radio. It's a small but nice touch. Sometimes I just have to stay up for awhile and listen to the latest announcement, and it does mimic what I am doing in the game, quests I solved, my behavior etc. And being able to listen to old songs is another nice touch. I miss the unique kind of music that the first two games had though.
I actually found the V.A.T.S. system kinda useful. It's an unique take on the FPS+RPG thing. I thought I would play the game like an FPS, but instead I am using V.A.T.S all the time.
There are games that are simply nice but simple, that provide a brief experience and little extras. Then there are those games that are worked through and keeps surpising you. F3 seem to belong to the second type.
The Bad
So far I found the dialogue to be predictable and the story havn't gave me "woah, I hadn't expected that" kind of experience yet. Bethesda really need to hire a good writer for their next game. I think they can afford it... It's a tremendous improvement over Oblivion though so they are heading into the right direction.
I am mising a party. I know that you can hire companions but I haven't found one yet. I will have to get back on that point.
So far I havn't felt that my stats matter that much. I have a character with 9 charisma, 9 luck, and started out with very low strength and endurance and mid-range agility/perception. I do not have any trouble winning fights but I do not see much of extra dialogue where my high charisma makes a difference. I like that they actually are using their skill system in dialogue, it just could have been done better. With Biowares dump in Mass Effect and Jade Empire, I have felt that properly made skill systems have been missing out recently, so I am hopeful bethesda will keep on trying.
The overhyped radiation system haven't really felt important so far. I have swimmed around in radiated water without reaching a high rad, and with the medical station in my home I just clean out whatever radiation I got once in awhile. I always stack up on stimpacks and I have a decent med rating so I do not need to eat radiated food.
The Ugly
I find it hard to call out anything really bad with the game, even if I am trying to be nitpicky. The worst in Fallout 3 is "average". Maybe I will discover something to hate later on. It's a worked through game with no obvious glitches or holes in it.
In general I found Fallout 3 to be one of the better RPG in years. If that means that the game is good or if I am starved for decent RPG's, I cannot tell.