Fallout 1+2 it is not, however it is a great game in itself, apart from the main story which ends so, so abruptly.
I have mixed feelings about this game however if you want the quick recommendation I would say it is worth every penny for the purchase. It hit so close to the perfect mark but not quite. Though be warned it doesn't really play or feel like the originals.
The best bits:
Graphics are gorgeous, the world seems very fitting for the post-apoc setting- everything just feels right, even down to the exploration and rummaging around for equipment.
The side-quests are interesting enough and will keep you exploring - there is SO much to do.
But the main problem that really annoyed me with this game is the main quest / ending. It is just too short, with nothing really interesting going on, apart from two memorable moments - I think you'll all agree (both involve some things which are rather large).
But then suddenly everything ends and you wonder why... why would they do that? I don't know, maybe Bethesda wanted to go for some kind of different approach.. or maybe they just ran out of time, who knows?
The combat is a bit bland, that thankfully the VATS pause system is incredibly fun and believe it or not doesn't get boring. I see this kind of system being fully exploited in future games, well I hope any way.