Yes, of course! But I think it could be even better than FO3, with specific spots being more lethal, and dismembering being possible anywhere (like a toned down version of new MGS game). A general anatomy of bones and organs could be there (not actually visible, but just like for hit detection purposes). Bones should be broken by blunt, or head knocked in, or chest collapsed, etc. Slashes should kill if they hit the throat, or slice open the abdomen, strong enough ones could maybe even cut off limbs or decapitate with heavier weapons (but more precisely than FO3). Stabs/impales should kill if they hit the heart or neck or head, lead to death if they puncture lungs or groin. That would be ideal but, alas, not likely to see that kind of thing for a while. Who knows, maybe they'll push the envelope like they did with Oblivion.
EDIT:
@Jonas Sancter
Generally, I think an RPG's combat should be more determined by character skill than player skill, and the need to aim for vital parts of the body for the advantage would ruin that a bit.
Why? The only reason this became the convention, was because there was no way for games to handle a proper simulation, and because the original RPG games were like digitalized table top games. I think that it's been long enough, and that RPGs can start to break free of those restrictions. RPG means role playing (game), and to me, the more immerssive the game is, the more I feel like I'm really that character, not just a puppet master.