I think the thing is you have two different groups of people looking to play this. I believe the OP spoke about how he (or she) placed New Vegas with Oblivion, Fallout 3, and Morrowind as games to compare with each other. That's fine. But one also has to consider that many people wanted a Fallout game that would fit with Fallout 1 and 2 (and even Tactics) better, or even people who were going to compare it with say, Bioware's Mass Effect series, or the Bioware to Obsidian KotOR as a sci-fi RPG. New Vegas was put in a difficult position: people came to it looking at the engine and expecting the game to be about the exploration and open world Bethesda, and people came to it looking at the developers and expected it to be a tight story with ugly choices. And of course, both sides consider their way of looking at it- exploring an open world and then a tight story with ugly choices- to be the 'true' Fallout experience.
I do think Obsidian tried to satisfy both groups. To an extent, I think they succeeded. I had fun walking over the hill and doing a 'Oh hey I found a Vault let's go in OMG GAH LET'S GO OUT RUNNNN' as well as running around the REPCON facility exploring the infested tunnels. I also had fun with confronting Benny, and hell, almost every story thing that followed- and with many of the small sidequests, even some you decry as fetch quests- walking back to the Outpost to carry word of the horrors the legion carried out actually made me feel sort of prophet of the apocalypse-like.
Put Oblivion over on the left somewhere, and Mass Effect over on the right. Or Mass Effect on the left, Oblivion on the right- I don't mind. (I'm deliberately trying to avoid bringing up the other Fallouts for this particular companion.)
While I was far more fond of Morrowind (and one can probably use it instead of Oblivion for this example), there were things about Oblivion that were AWESOME. Many of them were the 'walk over the hill simply to see what's on the other side of it' sort of awesome. Reading the fun books, galloping from one side of the map to the next, searching out Oblivion portals, simply waking up and deciding to go beat up a random group that annoyed you- those were fun, and allowed you to ignore that although there were some excellent quests (Dark Brotherhood always comes up now), there were quite a few that... really were sort of dull, and that the story didn't seem the main focus. On the other hand, take Mass Effect (II, for the sake of this argument), which also had things that were AWESOME. Many of them were story related awesome. It was fun to see your Shepard go from just another military (grunt?) to savior of the galaxy, it was fun being able to encourage someone to redeem themselves with 'mere' words, it was fun to make vile decision for the greater good, and all of those fun took away that although some locations were excellently done and gorgeous, there was a lot of 'you have walked through this exact bunker fifty times, and you will walk through probably fifty more' level design.
To give us a better story (that didn't have quests like, say, Booted, which I agree was pointless- although at least my rescued Power Gangers ran off), there probably would have had to be less places simply to wander through. To give us better wandering, we probably would have lost good things like helping religious ghouls with rockets and being able to subvert expectations to take over the strip with Benny at your side. (I imagine the 'give up quests like booted and wandering locations that are one house with four ammo crates to get awesome' doesn't work, or they've have done that.)
Personally, I'm glad the balance seemed to be more on the questy-talky stuff this time, as opposed to Fallout 3- that's what I wanted out of my Fallout game. I'm sorry that it came at sacrificing the things some of you guys liked, though.
...But, but, I do say, particularly now that the games are fully voice acted and the mod tools are available to us all, that unlike back in the Fallout 1/2 era, it's a lot easier to add dungeons and new locations then it is to add new quests that feel like they're a part of the game. Hopefully, in the next few months, people will create more vaults and other basemant areas for explorers to ransack.