Very good, as an ol Fallout fan I love it. Not the old fallout but it has the fallout spirit, the most important part.
So, while I do miss the old style of playing this game I can not say the changes are for the worse. Some other things have also changed, like one can not do anything like the old part 1 and 2, but I feel confident that mods will fix this giving the player the full freedom to do anything. That alone is the only reason I did not give it a full 10 as complete freedom to do anything is also a part of the fallout spirit. But doing it more similar to oblivion is also a great strength when the proper tools for mods are released which I hope they will and soon.
As a game, Fallout 3 is NOT Oblivion but very much a game on its own right.