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Well... it would be very difficult to make a disappointing sequel to Fallout 3. :rolleyes:
Fallout: New Vegas uses the same engine as Fallout 3, as well as almost all the textures, models, etc., with slight improvements.
As for the plot, I wouldn't say it's very captivating, but if you compare it to the plot of Fallout 3, it's like comparing honey to shit :)
Of course, can Bethesda come up with anything worthwhile?