A leaked magazine article reveals how Fallout 3 will work, and it's looking good!
The third game in this acclaimed series will be based on the Oblivion engine. The developers have been reworking the third person aspect though because of previous complaints.
Fallout 3 kicks off with your birth and your mother's death in a vault hospital. This is where you get to create you character as your father (voiced by Liam Neeson) hands you over to the DNA analyser, before removing his mask to reveal similar traits to the ones you picked.
The much discussed combat system will be called Vault-tec Assisted Targeting System (V.A.T.S.) Basically this gives you the same action points system you had in the previous game when you enter combat mode. So the game pauses and you get the time you need to figure out how to do the kill. "Set minigun to remove left leg" After you use up your APs you go back to real time action until the points are charged once more.
Enemies will be able to use the exact same system so you'll eventually be hurting, somewhere. Karma is back so what you do in the same has a big influence on the ending, there are 9-12 possible endings.
As a huge Fallout fan this is big news to me. If Bethesda manages to get this action points system to work i'll be as happy as Timmehy.
View scanned pictures of the story in Game Informer here: PICTURES