I wouldn't say that F3 is a shit due to the engine. It's just retarded cause it's not G'old Fallout climate, interesting missions and characters anymore. So you can see everyone - not only 10 char sprites, right? Still i think that those few pixels were much more interesting then super detailed 3d people that have nothing interesting to say. Even if liam nesson is your dad.
I say - get me a group of the best modders, 3d creators, and some oldschool, pretty wise (or should i say - not retarded enough to create plot as stupid as the one from F3) writers. And that engine, with GECK can hold wonderful game - maybe not as good as old Fallout with turn based fight, but with really good postapo climate. Oh right - voice actors would be great - but it shouldn't be a problem as well.
The only thing about Bethesda I really appreciate is that they are creating modding kits good enough to show them that a bunch of modders can create much better game then developers themselves.
I mean - come on. How would you feel if there was at least one character as interesting as .. let's say - Sulik in F3?