I wouldn't want Bioware anywhere near Fallout 3. I don't know why, but I feel like they'd just totally kill it. I really can't give a reason.
I won't get into the "do Morrowind/Oblivion suck" conversation, because it's utterly pointless. You either love it or you hate it, and most people love it. That said, I don't think Bethesda is going to make Oblivion-Fallout. I don't think that would even be possible really. It works with a rich fantasy setting that revolves around deep fiction, but I don't think it would ever work around the more limited setting that Fallout is in. Sure, there's tons to do with the setting, but just not in the same ways. My guess is Fallout 3 isn't going to play anything like Oblivion at its core. The term "reinvent" is really pretty vague, and who knows how much reinvention they even mean to take part in. Really, it could even just be a poorly-termed way of saying they're working on a new Fallout and they're trying to hype it up a bit. I can think of a billion developers that claimed they would reinvent the wheel but just ended up adding a spoke or two.
Granted, I haven't been following this that closely, but most of what I heard originally is that most of the people working on the project were all huge fans of Fallout in the first place, many of the team members were playing through the originals again during early development, and they didn't want to change everything that people loved about the games. I'm not saying there's no reason to worry, as who knows what'll end up getting done in the end, but I wouldn't take a single statement like this as some kind of horrible portent. We'll have to wait until they show us something of substance, period.
