Uhh, that's not quite right. The Speech skill (especially with Avellone writing the game) opens up all kinds of opportunities. I think Speech is going to be far more useful in "Fallout: New Vegas" than in "Fallout 3."
Yeah, the writer of the game is the same guy that wrote Planescape: Torment. Anyone that knows anything about that game knows dialogue and talking was 10 times more important than combat. I expect to see some really interesting options to appear in dialogue with the Speech skill with Chris at the helm.
I forget where I read it, but someone has already mentioned that there are more uses for the Speech skill in this game than FO3, and I found it pretty useful in FO3.
Supposedly there is now an option to resolve most quests peacefully, and I am willing to bet a lot of those ways involve talking your way out of trouble.
And the Fearful Presence perk sounds like it could be neat. Someone gives you an ultimatum in dialogue and you reply with something like "I don't make deals with dead men." as you blow their head off to end the conversation and send all their faction buddies running scared from your bad-ass-ness.