I really can say Fallout 1, is one of my All time favorite games. Fallout 2, was a fantastic continuation of the series. Both were just great games, (though not with their .. ahem bugs).
As far as Fallout 3, I've not completed it due to graphics glitch, and a bit of boredom. But that being said, I think it's a wonderful game for what it is, an artists recreation of a beloved series in a different perspective.
Different, with it's own very strong gotcha moments. (How about not realizing that in the PC you can press your tab key to get light), and playing the game without a light, at all for your character.. moving through the darkness being hunted by rabid ghouls. That's some great stuff. And the game did a fantastic job of making you realize, the end of the world would suck. There is nothing really redeemable about the habitants of that post eastern society. Much less nostalgic as it were.
Also, I felt 3 went a bit overboard with upping the cheese of the alternate 50's future. Just felt a bit too dominating.
Now, that said.. 1 & 2 really shone strong. 3 Shone with a new light, strong, but not really making you feel like you reconnected with an old friend. But a new friend, different, and not all together strange, but not bad either. Just an artists recreation. One of many proposed ones over the years. So, good deal for what it was.
Sorry for rambling on in here on this, off topic subject. But I can honestly say I hope, and have no doubts that Elemental: War of Magic will be something I look back on 5 years later and find myself still playing, and enjoying all the new expansions, and preparations for the sequel.