I've been checking out a lot of what's been written on Bethesda's take on Fallout 3, based on recent articles and op-ed spiels written in places like RPG Codex, No Mutants Allowed and places like that. I'm a bit in the middle as far as how I feel about the direction the game is going.
A lot of the folks at the aforementioned websites have taken the opportunity to continue to pan Bethesda's upcoming version, though I think they back it up rather well: at least, by their own exacting standard. It may be a post-apocalyptic action RPG, but that doesn't mean it's Fallout. Honestly, it's still really looking like "Oblivion with guns" to me, even though they're trying to integrate action points into the mix. And the fact that the preview game they saw had no details on branching dialogue, which is what made the first two so distinctive, is rather worrying.
Of course I'll wait until it comes out (not that I have the means or really the time to play it when it does) to make any kind of final judgement. But from what I have seen of what the original Black Isle developed Fallout 3 was going to be, that version is closer to what the first two Fallout games had.
Bioshock looks like it will be really good, and kind of in a similar genre even though it's something completely its own.