A movie has been released by No Mutants Allowed showing how Black Isle intended the game to look. Lets see.
After seeing the video i think it is safe to say it is a good thing Bethesta (the creators behind Oblivion) is taking over work on Fallout 3. I think the game could have been good, but i would have had to be very similar to 1 and 2 and i do not think Black Isle would have managed to do that. Make the same thrilling storyline and side plots.
The new Fallout 3 will be based on the The Elder Scrolls: Oblivion graphics engine. Lets hope Bethesta manages to do the convertion over to first person right.