Playing it now, over 20 years later, and it still holds up DAMN well.
Drawbacks: Combat is a bit repetetive compared to modern games. And the companions are not much more than another gun at your side. Not much in ways of quests and character development from those guys. And most conversations in the game are a bit...shallow, even with a high speech skill.
Pros: Wellmade and kinda complex story what with the relationship of the different cities. There are TONS of choices to make, and they can all affect the ending in a myriad of ways. Compare it to the dreaded "different pillars of light" in ME3.
The graphics hold up suprisingly well, with decent animations, and the music has a nice mood to it (even if I miss the music radiostation in FO3).
I also like the maturity of the game ... well, being a pornstar might not be "mature" but there are other things! I mean, you can kill kids. Not without being punished and hated for it, but you CAN. Im not saying this to be edgy, but it realy gives the game a darker edge. You can destroy entire towns, and sell your friends to slavery, and many more naughty things. Sure, the evil aspect is a bit flawed since it feels like its easier to play a good person (most quests give bigger rewards to nice ppl, and most of the companions hate you if you are a slaver or a child killer for instance), but for a 20 year old game its damn well done.
This is a classic, way up there with the titans. Like Baldurs Gate 2, Super Mario World or Super Metroid etc, this game is still fun to play, and not just for the nostaliga.