Pete Hines has been interviewed, mainly about Oblivion, at CVG. The final question deals with Fallout 3, and this is what Pete says:
And finally - how's Fallout 3 coming along?
Pete Hines: We've got a lot of folks
working on that game now, and what I've seen of it so far is looking
really good and has me very excited - I'm a big fan. We're approaching
Fallout 3 as if we developed the first and second games - we're
developing it just like we developed Oblivion. Fallout 3 is our baby,
we want to stay true to what it is and we want to deliver something
that all the fans think is worthwhile. We're trying to move the series
forward, keeping it fresh and cool while staying true to its roots.
When we're ready we'll let people know, and hopefully people will be
excited about some of the ideas we have and some of the stuff we're up
I'm not quite sure how to take that really. I guess they'll have more to say when Oblivion comes out.