I was a bit disappointed with New Vegas first time around as well. I didn't appreciate the depth of the quests, characters and overall story. Its well done, especially how all the quests are interlinked. I was initially bored with the endless fetch quests, but the game came alive when I started adding the DLC. It also offers genuine replayability, since certain quests will be closed off to you each time, depending on which faction you join. I've yet to see if Skyrim does the same thing, or if it follows the Fallout 3 model where every player can do absolutely everything on one playthrough. All will be revealed in time, of course.
It doesn't.
You have no choice with quests, they all give you one road to walk and one road only. There was even a quest where I was given a choice of doing something that would anger the guild leader, and I chose not to do it. What did the person say to me as a response? "Ok, come back when you change your mind." I went to the guild leader to see if he had any dialog pertaining to the matter; to see if I could rat on that guild member. Nope, none whatsoever. I was forced to betray the guild leader to continue on with the faction quests, basically.
The main quest also has several points where you're given a choice of who to consult about an issue. Do these choices matter? Not in the slightest. I reloaded to try them, got the same damn result no matter who I consulted. I also have a feeling that whether you choose the Stormcloaks or the Legion, Whiterun will choose the opposite, so you always end up attacking them in the same exact fashion.
The only thing that will be closed off to you is you can only choose the Imperial Legion or the Stormcloaks, not both. However, judging by the way the rest of the "decisions" in the game act, and by my Stormcloak playthrough, I have a feeling these play almost exactly the same. I had to attack several forts with the help of a Stormcloak camp throughout the campaign, and every single time I noticed there was conveniently an Imperial Legion camp near the fort too, as if I would use a different camp but attack the same fort if I'd supported them. Not sure though.
Either way, it just doesn't compare to New Vegas, where I can go back to an NPC over even the slightest detail and hear their opinion on it; they'll actually have one. Or where my decisions are truly decisions with rewards and consequences, where they effect how NPCs and factions react to me and effect the tasks I'll be required to complete in the future. New Vegas is simply 1000x more detailed politically and story-wise.