It is?
This is subjective of course, I'm not a huge fan of Bethesda's hiking simulator sub-genre, or of everything they did to Fallout, but even I found Fallout 3 enjoyable. It's not a game I turn to if I want to play something with a decent narrative, or depth, but it can still be an entertaining experience for me.
Is exactly what Bethesda did. Maybe not, admittedly, as bad as P.O.S. but it does describe to the letter what Bethesda did to the franchise.
I never said that they captured the setting perfectly, only that the setting wasn't butchered as badly it was in BoS. BoS was a game that ditched The Inkspots in favor of Slipknot, and had a completely modern atmosphere to it as opposed to the more retro-fifties atmosphere of the originals in order to appeal to the console demographic, who Interplay felt wouldn't find the retro-fifties angle appealing. Bethesda on the other hand didn't shy away from Black Isle's retro-fifties approach out of fear that console gamers wouldn't find it as appealing as a more modern take with contemporary heavy metal and rap, they went a bit overboard with the retro-fifties elements perhaps, but that's another story.
I certainly have my fair share of issues with how the setting was handled in Fallout 3 (The Enclave sums most of them up in his posts), but for the most part I found Bethesda's effort adequate compared to Interplay's effort with BoS.