And to those people who say that you can't read all this from a trailer, I agree. What I can read, however, is Bethesda's track record (especially when they cleaned house after Daggerfall, new management, devs - becoming the lean machine that they are today). TES has been dumbed down starting with Morrowind, undergoing an additional lobotomy with Oblivion. Pete Hines made many bold proclamations about Oblivion before its release, and well, most of them were outright lies.
Still, I appreciate that most people don't want any more to their games than what Oblivion has to offer, a simple, quick-to-master, hack-and-slash action game, where you can do everything and earn maximum achievement points in one run through. And it has been a remarkable success, unlike the more complex and open-ended (and buggy) Daggerfall, which was a financial disaster. I just wish they had come up with their own thing instead of hijacking the Fallout name.
This will be Fallout in name and icons only. Sure, they'll probably throw Harold's poor 'ol trodden corpse in there, and the Brotherhood, and maybe even Dogmeat, but the rest will bear no resemblance. I guess the bulk of gamers don't care anyway. Mindlessly gunning down ghouls and mutants with your minigun, dressed up in cool-looking power armor is good enough.