All the hype is real. This game rocks.
It would have been easy to skimp on, to ride the name for some money and promise improvements on Fallout 4. Thankfully, that didn't happen.
The game nearly exemplifies the darkness portrayed in the original series, and masterfully combines old-time 30's and 40's music with brilliant questing and gameplay.
There is so much that can be said, and if you know fallout at all, you know that the fans were chomping at the chain to break loose and criticize all aspects worth (or not) criticizing. However, I'll take the game for what it is - Bethesda did a masturful job of re-introducing the perk system, the moral quandries, re-creating the enemies, including deathclaws and radscorpions, and more.
The game does a great job of creating a dismal sort of feel the first time you step out of the vault and see the vast D.C. capital wasteland. They give you no concrete clues on where to go, and you simply must survive and explore. You quickly discover a nearby town, and realize just as quickly that survival will be an always brutal, sometimes selfish, and often hilarious endeavor.
Is it Oblivion with guns? Saying yes would be a disservice to the game, and that implies that Oblivion itself if somehow mediocre (it's not), or a simple upgrade to what is likely the best 1st person RPG ever created. That said, you'll recognize immediately the Oblivion influence, which to reiterate, isn't an all-bad thing. Is it perfect? No. Is there the obligatory multiplayer? Thank God, the answer is again no. Is is also probably the best game on the 360? I'd argue "yes."
Kudos, Bethesda, on producing a compelling masterpiece. Can't wait for the downloadable content.