Balanced RPG's. Do they even exist anymore?
It's an oft-repeated mantra, but RPGs have always been about building godly characters/parties.
The problem lies in the nature of the Fallout game itself. Whereas traditionally RPGs have been dungeon crawlers, with increasing monster difficulty as you drop levels, you don't have that with a free roam game (unless you want it to be highly linear). You also don't pick a class of your character, as in the RPGs of yore, therefore no strengths (or concomitant weaknesses).
RPGs have always been about building "godly" characters. Almost without exception, by the time you hit high levels, you were able to dispatch enemies with ease. It's actually part of the psychological appeal of RPGs, ie the accumulation of strength/power.