Oi, that might be more prescient than we realize... *shudder*
I can only expand on the observations on other posts in the thread, as most of my worries have already been cited. I just fear Bethesda will streamline it so much that it will hamstring Obsidian's efforts at Fallout: New Vegas 2. Without SPECIAL, traits, skills, etc., they wouldn't have much to work with.
Modders will be able to address some of the inevitable problems (e.g., balancing - the player will almost certainly become omnipotent at some point), but if Bethesda really fumbles on this one, I wonder how many modders will invest their time and energy into a flawed title. Yes, there will be a plethora of armor, weapons, and visual mods, but what of new content? Fallout: New Vegas certainly has its issues, but the foundation is strong (characters, factions, setting, etc.), which tends to spur creation of quest/content mods. With a community and fanbase that is a fraction of Skyrim's, New Vegas still has a quest mod lineup that matches up quite favorably with Skyrim's (though I'll make allowances for learning the new scripting language, and the fact that Falskarr has yet to be released). Fallout 3? No comparison, save MZC, Puce Moose's work, and a few other exceptions (it's a generalization, but I stand by it).
Here's my point: I worry that Fallout 4 will be so dumbed-down that quest modders will lose all motivation to create new content, and will either drift away or stick to modding old titles (e.g., Morrowind still has an active community). That's my nightmare script.