General engine capabilities
[70%] I suspect that there will be approximately twice the number of polygons on screen at any time (compared to FO3).
[70%] I think there will be dynamic shadows outdoors
[80%] The game will feature screen space ambient occlusion (or some AO variation)
[50%] I think that the texture resolution will be the same as Fallout 3
Outdoor graphics
[70%] Water will feature better texturing, refraction and Fresnel effects.
[50%] 3D water surface
[85%] I think trees will have static foliage (as opposed to the Speedtree floating foliage)
[65%] Dynamic skybox (clouds changing shape as well as moving across the sky)
City graphics
[70%] I think that cities will increase in size, to 2 or 3 times as large per loading area as Oblivion cities.
[80%] Cities will be more populous (up to twice as many NPCs on screen at any time)
[70%] There will still be a loading screen when entering houses
Animation: will likely be the biggest change from Fallout 3.
[90%] Entirely new animation system, at least comparable to recent games like MW2.
[40%] Dynamic animation interaction (like in GTA4/RDR and AC2/3)
[10%] Dynamic facial animation (detailed facial animation that reacts to in-game player action) a la L.A. Noir