This to me is my most wanted feature in the fallout universe since Fallout Tactics. The ability to carve your own niche out of the wasteland.
Aside from being able to do it, there hasn't been too much information released about how far we will be able to take it.
Settlers?
Will we have any control over settlers than come seeking shelter -can we task them with scavenging, or manning a post, setting up a restaurant, or bar? Can we give them gear we've scavanged or created? How autonomous will they be?
Type of settlement?
Will we be able to create a safe haven for slaves, or a slavers den? Will we be able to create our own tribe of raiders and send out parties to raid caravans and other settlements? Can we send out patrols to eliminate raiders in the area and protect caravans passing through our territory? Will the dialog of those that settle into our town be effected by the type of society we create?
Interacting with other settlements?
Will there be some sort of diplomacy with other settlements? Can we raid them? Trade with them? Charge tolls for caravans passing through our territory? Will other settlements seek to raid us?
If half of the above is something planned I doubt I'll touch the main quest line. I'll be too busy ruling my own little corner of the waste with a rusted iron fist.
(and once mods enter the equasion requiring you to keep your people watered, fed, and happy -holy smokes!)