hm. How bad is that equipment durability system? Hopefully not as bad as System Shock 2... (If you've never played it, your basic pistol could sometimes break down after running two magazines through it, and 90% of the guns you encountered were broken/jammed and.. well. If your weapon repair skill wasn't high enough, you were screwed.) Also, how are random encounters handled? And what's wrong with the character generation system?
I'm just curious -- it'll probably be a few months before I'm even able to play Fallout 3...
And regarding the "Oblivion with guns" thing, there was once a team working on a mod for Morrowind called "Ashes of Apocalypse," which had a sort of post-apocalyptic Western feel, though they never finished the project. Instead, they switched from Morrowind to Unreal Tournament 3. Stupid idea, if you ask me. Sort of takes away from the novelty of the concept...
