Far from it, but forgive me if I don't do any back flips about it just yet.
As you probably know, die hard fans of the series have been promised a Fallout 3 ever since Fallout 2 shipped, but so far no one has delivered.
Admittedly, it's looking more and more like Bethesda may actually come through (eventually), but at this point, the gaming industry had gone through so many changes that I'm only really able to remain cautiously optimistic. If all we get is some kind of Morrowind/Oblivion hybrid set in a post-apocalyptic world with ray-guns, IMO it will fall horribly short of anything that deserves the name Fallout.
I've also been hearing some disturbing reports about Bethesda's ethics and practices as we move out of their "Morrowind era" and into the "Oblivion age", which again gives me pause, though somehow I do still retain just enough hope that perhaps I'll get the game I've been waiting and hoping for since 1998.
You never know.. Every now and then the game companies still toss you a solid curve ball and pleasantly surprise you.