I found the "depravity" to be rather outlandish, and hardly subtle as well. FO2 struck me the same way MASH (the tv show) struck me. Everything was outlandish, everything was not serious, in a way that diffused the bleak reality of the situation. I'd rather have them show me indirectly, as FO3 does, then hammer at me with foolishness.
I see what you're getting at, and I agree to an extent.
Still, I felt that Fallout 2 was the most depraved and desolate of the series, with the most emphasis on morally ambiguous decisions and the like. In Fallout 3, it's always very clear-cut which response to any situation is going to be "good" or "evil" - there were few moments in that game where I had to pause and really consider what the "best" outcome would be. (Oasis, I thought, was a really good example of a quest that made you stop and think - I'd have liked to have seen more of that in F3.) While I felt out of all the games, Fallout 2 was best at coming up with those morally ambiguous situations.
The whole "depraved and ethically void society" thing was kind of over the top in Fallout 2 in comparison to the other games, but I did find it a bit lacking in Fallout 3, at the same time. There's all of one prosttute in Fallout 3, and what - 2 addicts who came off more as the druggie anolog of a functional alcoholic than the junkies you see littering the environment in Fallout 2. What I liked about F2 over the others was the picture it painted of people just struggling to survive - where morality is a luxury to be indulged in when you're not just struggling to survive for another day.
Raiders weren't some crazed humans that function as nothing more than another monster to kill - they were groups lacking the skills and motivation to try and make a go of cultivating the land; preying on nearby settlements and caravans as their only source of food and supplies. Gangs were groups of like-minded individuals banding together for protection. Towns were isolationist, heavily-fortified, and distrustful of strangers. Walking around a town with your gun drawn was a good way to get killed.
I agree with Bethesda going for something closer in tone to Fallout 1 with their game, but at the same time I think there were some lessons to be learning in Fallout 2, as well. I kind of miss in Fallout 3 the children running around stealing from you because they know there's nothing you can do about it (unless you really want the child-killer perk - and for the record, I'm not one of those petitioning for this to get added back into the game, and I actually agree that it's likely not something that should be an option - even as the result of an accidental shot.) I miss trying to figure out which towns and factions my character is going to support - and it being less a matter of choosing between the "good guys" and "bad guys" but deciding for myself who would be the lesser of two evils.
And hey, I love a lot of what Fallout 3 brought to the table, as well. All 3 (frak, even Fallout: Tactics, I think) have their good points and bad points. For a Fallout 4, what I'd really like to see is a game that draws from
all of the games their best aspects.