Great mix of Shooter and RPG elements.
Great weapon selection.
Useful, varied skill tree.
Looting is super fun, especially in co-op. Variety in types of loot acquired.
Great art direction. The cell-shaded-ish style is great. It's just enough to provide definition to all of the objects and backgrounds, without being overwhelming.
The cons:
No third person camera. (That's just me, though.)
Bottom line:
This game is what I was expecting when I purchased Fallout 3.
Not that there was anything wrong with Fallout 3.
It's a shooter, first and foremost. The RPG elements and leveling system don't depend on the alignment of the character, and have a great impact on gameplay. A plus in my book.
Also, a la WOW, you can grind to your hearts content, and if one area gets too easy, you can move to another area to up the ante.
All in all, I'm very satisfied with what my $60 got me.
Bravo