going to be a Fallout 4

Yes it will be in Jamaica and you'll have to fight off Reggae-singing ghouls.

Not 100% on the location, but there will be a FO4.

Of course. Bethesda would have sold the rights to the series by now, if they weren't planning on another installment.

What is in doubt, however, is that it'll be any good. It'll sell, but don't expect a good Fallout game. Bethesda's already butchered the Elder Scrolls with Skyrim.

I have the suspicion that B will learn from their 'mistakes' in Fallout 3 with regards to Fallout 4.

And Skyrim, what's actually wrong with it..?? It is TES not FO. It sure felt strange having the lack of consequence, lack of dialogue and missing HCM, but that's how TES roles - it has it's own charm. Perhaps they are getting the combat and such down then they will bring back some more depth...Or to implement MP. (what if eg. 'Skyrim2' was 8p coop??)
OBSIDIAN have given B the perfect model for F4 to go by with FNV.

(I've recently been playing TES 1,2&3 also FO1 and I have to say TES is much better... but then to marry the two as in FNV is the best of both worlds)
VIVA NEW VEGAS!!!

eventually yes. Fallout is 1 of 2 of Bethesda's cash cows. as for improvements the only one i can see that really need to be added is sprinting.