Well at least it would give everyone a lot of practice with the character creation.

The combat itself looks realistic. One part of the montage showed us the Lone Wanderer killing a Raider with a bat, but instead of exploding he reacted to the force of the bat. Not to say that people won't still explode, I'm sure the new Critical system will have a messier result.

They don't want the combat to be realistic (and shooter combat usually isn't realistic anyway), they want it to be visceral adrenaline pumping excitement.

As to how realistic the game will be, probably not as realistic as Rust ... and I'm not even going to link the PC Gamer article that prompted that observation.

Hopefully it's to the point where you need sleep, food, and drinks because they seemed rather useless in Fallout 3. Also, hopefully various things like ammo actually has weight. Judging by the combat in the gameplay trailer, it looks pretty good to me. Human raiders attack you head-on if they have heavier armor and the ones with lighter armor sit back with guns and shoot at you. Androids didn't look like they hide or flinch when getting shot. There is also bullet impact on people and the environment.

Not exactly. Power Armor, realistically, should be able to handle all that weight. Suits in development in the real world have been able to handle 400-500 pounds and are expected to handle much more later in development (these suits are 20 years out supposedly). That minigun may weigh 100-150 pounds tops for the actual gun, ammunition may be around 40-60. The jetpack? Well I couldn't tell you that for sure haha.

Let's see,

Exhibit A:

The trailer showed the character shooting a teddy bear from a launcher which proceeded to blow an enemies head off... literally

I am going to go with not very

The point isn't about wielding a minigun with a power armor, it is about being able to even lift off the ground while inside a power armor while wielding a minigun. The power armor at that point is just really really damn heavy. Enough power to lift a person is one thing. Lifting a person wielding a heavy gun, another. Lifting a person, inside an exoskeleton that is really heavy which is holding a minigun is absurd.

There are servos in the Power Armor that make this action capable. Besides the NCR Heavy Troopers, which lore wise shouldn't have been able to even use the armor.

These servos are used to actually move in the armor and are powerful enough to handle just about anything. That's why the special training is required. The NCR removed these servos but Obsidian ignored the fact they were needed, I guess just to show perhaps how far the NCR has come or something.

I guess it doesn't break my suspension of disbelief, because I'm used to the concept of "jump jets" from Battletech/Mechwarrior... once you've played games where 80+ ton robots can go flying 400+ meters across a ridgeline, you'll believe anything can fly.

(and I'm assuming it is something like jump-jets, not sustained flight. Heck, could even be a Plot Device thing that only happens during a certain mission, kind of like how Liberty Prime was used in FO3. Hard to tell from that short clip in the videos....)

I hope so, note that even if the survival mode is bad it is an nice framework for various mods.

One major annoyance for me is having to find a bed, sleeping bags is an ancient invention.

Also how to show the various states without being to annoying.
Last one survival mod I use in Skyrim had the option to collect water or drink from streams.

Sounds like OP is looking to play Far Cry

Not at all. I really dislike Far Cry.

If you take a close look at the Power Armor HUD, you will see the gauge on the right dropping like a lead brick while that rocket pack is in use. That gauge measures your Action Points. Nobody is going to be playing Commander Cody.