Coming across this editorial, after playing the game solid for over two months, I was initially dumbfounded that anybody would have a problem with the loot in this game-- it's everywhere, for crying out loud. The vast majority of it is yes, all weapons based. But it occurs to me that a given frame of reference is always going to be to another game, and I never played Oblivion-- really, Deus Ex 1 was the only game remotely like this that I've ever played, and I found it just as addictive. But to each their own.
In terms of the combat or styles you can employ, there's a little bit of something for everyone, karma aside-- if you want to use small guns and run around guns ablazing, you can certainly do that, if you want to run around with Tesla or T-51b armor and Vengeance or Eugene and mow down everyone, go wild. If you want to use explosives, they are satisfying and very effective (ever put a bottlecap mine right when and where you know Talon mercs will spawn when you leave a given area?).
If you want to be really smart and make the game more easy then simply whoring VATS, you'll get your stealth up to at least 80, take the Ninja perk at 20, go play Anchorage, use the Chinese Stealth Suit, and then be able to simply infiltrate and kill anything in the game at will without retalation, for example, clear out the entire Capital building, Behemoth included (on hard), and take no damage in the process (stay crouched, use Shish or Deathclaw Gauntlet, and enemies will go to CAUTION, but never detect you, or alert their friends). In my mind, that's pretty good loot to get, and there (other than glitches or console commands) is only one way to get the Stealth Suit in the game.
But the bottom line is, the story will hook you or it won't. I have never played any of the other Fallout games, so I have no frame of reference to compare this game too. I am pretty much an old school FPS PC player, (Quake series, more recently, COD4), and in my mind, Fallout 3 does a wonderful job matching RPG with FPS with a very good, cohesive story.
Still not as good as the original Deus Ex for me. That game had, IMHO, the best, most complete story that I've come across in a game, although I only play FPS type games, bear in mind. But Fallout 3 is very good, and obviously for me, very playable.
A couple of knocks that I have against the game, NOT THAT THEY PREVENT ME FROM PLAYING IT--
1) Although I would say that the game is appropriately difficult at the beginning, if you are methodical, your character will end up at a point where you're not really making choices on the strengths/weaknesses-- because your character can do anything. There's more than enough skill books on the map to get your character up to 100 skill in every single category-- and I just don't think that should be possible.
2) In my mind, the Chinese Stealth Suit is the most dramatically overpowered piece of equipment in the game. Use my advice from above, and you'll see why. You won't have to carry a gun except for convenience, or for that matter, if you play carefully, ever use a Stimpack. You'll be able to go anywhere, kill anything, and be able to loot entire areas right in front of (what otherwise would be) dangerous enemies, and pick them off at your leisure.
3) The Karma idea is fantastic, but it is entirely too easy to be good in the game. The moral choices that a player has to make should be harder. As it is, from what I've seen, it's entirely too easy to be a saint, and still acquire just about every worthwhile item in the game. Not very realistic.
4) VATS is gimmicky, but I do appreciate that all you folks playing with your thumbs need a little something to help boost your accuracy.
Still, you can use it early on and ditch it as your weapon skills increase, so it's not entirely a bad thing, I suppose.