If its anything like the first don't bother with it anf go for Dragon Age like the others have said. Its not as open world as TES or FO but is much more story driven.
Yes, afterall, it is a Bioware game and they are REALLY good with deep stories with plot twists and good dialouge...well, most of the time, but no game is perfect. Only drawback is its a short-ish game, I mean, if you only play a couple hours a day it'll prbably take you a week or two. But if you sit down for a lazy weekend (like me) it'll be complete before you even have to return it
Edit: Oh, I meant "before you have to return it" because in my case I rented it....which I would actually recommend doing because IMO its a niche game and its best not to commit like 30-40 bucks to a game you might not like.
PS: lots of DLC too, which is good and bad, good because its a lot of extra content but at the same time its a lot of extra downloading and $$$ which is a pain.
PPS: To answer your above question; no, its not open world in the sense you will be reading books in your house and doing other day-to-day stuff, think of it more as story driven rather than open world driven.