Alright, this topic has become seriously derailed. I've contributed to that as well but it's time to get back on track. The Great and Never-Ending Fallout Debate would belong in Series Discussion anyway.
Back on topic and holding my tongue, I've been noticing some of the gaming sites around the web putting up galleries from the E3 footage so now we can get a better sense of what the game's going to look like without video compression.
Personally, I'm really psyched by what I've seen. The fidelity is clearly much higher than in Fallout 3 and everything looks to be literally packed with detail and specificity. When I was learning 3D modeling characters still had blocks for hands. You only ever had so much memory to work with for textures so you had to employ some common tricks like using low-res textures for minor elements and reusing texture maps on objects that wouldn't necessarily fit. And you can still see those tricks in use today (in Fallout 3 you will find rock faces where the texture map is stretched and items like water bottles will have low-res textures, for example.)
Looking through these stills, elements where you'd expect to be seeing low-res textures are much higher fidelity (often with lots of detail on their own, even) and while no doubt they're employing some smoke-and-mirrors wherever possible to keep performance up these stock tricks are very well hidden where they're in use at all.
That's going to have a big impact on the visuals when we finally get a chance to see the game running on our own screens. A lot of people were initially remarking on F4 looking "cartoony" but I think a lot of that's to do with the compression we've seen in the released videos. The Vault Suit, for instance, did look kind of plastic-y in the videos but if you can find a good screengrab there's actually a ton of fine detail in that suit. And that's also something I've always enjoyed about Bethesda's art direction - they're big on attention to detail.