Essentially this. You can play the game just fine if you set all of your stats to one with console commands. The game really doesn't take your SPECIAL into account, it's sorta there. There are a few checks here or there, but nothing that makes or breaks the game.
No, this isn't true. Well, unless you've done an entire playthrough with all of your SPECIAL at 1 and had a good time doing it I don't believe you really have a good understanding of FO3 and what you can and cannot do with the SPECIAL. Whereas I've played at least 20 characters and have done almost everything I could think of with my SPECIAL and do understand what they mean and could bore you to tears telling you how they all affect what your character can/cannot do. I'll spare you all of those details.
And although skills do also affect a lot of things, there are some things that some of the SPECIAL affect that skills do not. I'm not saying that every SPECIAL is important. For instance, I firmly believe that Perception after 4, except for the Perks that players who use VATS need it for, is completely useless. I wouldn't want to play with it at 1 though. Below 3 and I feel blind. I like my blips. And Luck, which affects Critical Chance is my favorite SPECIAL, and I almost always play with it at 8 or above, because I really like to carry weapons with a high crit rate and blow baddies heads to bits. Neither of those SPECIAL and the benefits I get overlap with skills and neither of those benefits could be gotten at a level of 1.