I certainly hope so. It was like that for FO:NV, but that was made by Obsidian. A friend, my brother and I plan on doing so if we can, and playing at midnight and discussing our early experiences of the game over Skype.
We'll probably be able to pre-load, but judging from my personal history with Steam, you won't be able to play until at least an hour after release because there'll be some completely unforeseen, game-ruining bug that will need to be fixed before being able to play.
I am guessing there is no news as to what timezone its being released at? i.e. midnight pacific or midnight eastern? Because I was VERY irritated when I got New Vegas at the midnight release only to learn I could not play it until 3am (eastern). While my Xbox 360 friends were already waist-deep in geckos and radroaches.