Hopefully, yeah.
Even if it was a half budget game, if it was given enough time, it would likely be better than anything on the market at the moment. I kinda feel bad that that it's just a wishfeel.
We'll just have to wait until gaming is "uncool" again and then Studios might actually break the pattern to let some creative games out.

In all honesty I was dubious when Fallout 3 was announced as 3D and non turn based. But on reflection after I had tried it, I was pleasantly surprised and think that VATS is the best compromise we could have ever expected. Turn based just would never have worked with the 3D and FPS elements of Fallout 3 IMO.
Nah It wouldn't have worked with the FPS elements but that it's 3D has nothing to do with it.
But yeah, as a complete game-mode, not something like VATS that one can just turn on and off whenever the player feels like it.