Yeah sure, Fallout 1 was pretty epic too.
Fallout 1 had a better story, set the tone for the series
Fallout 2 had better features, more stuff to do
Fallout Tactics, though not officially canon did a pretty god job in raising the bar on the graphics and strategic elements. It would be interesting to say the least if FO1 and 2 were remade using this engine.
Although Fallout 3 took a few liberties with the established canon and made a controversial move into 1st Person (Oblivion with guns anyone?), I love it for bringing Fallout back into the mainstream. Canon issues aside, FO3 is one of the best free roaming "sandbox" RPGs out there. I got so much mileage off FO3 and the DLCs, it's ridiculous... :fallout:
As for the OP, I'd have to play the game to see how frequently you need to eat, sleep, drink, etc. to gauge the "annoyance factor", but my guess is, the challenges will be more of an enhancement for most people than an annoyance.