It's scheduled to be released in the 4th quarter of this year.
And yes, it will be awesome. The story from Fallout meets the gameplay from the TES games. The biggest weakness in the first two Fallout games was the isometric projection (this is the fatal weakness in the majority of 3rd person RPGs which started with Diablo).
It puts an arrow on the side of the screen pointing in the general direction an artifact is and then points to where it will appear when you complete whatever puzzle sequence you have to do. Same with the parcel detector.