I have no problem with Bethesda doing Fallout 3, provided they keep in mind that there's a better reason to do FO3 than just a ready market of fanbois. FO was stylistically awesome, and really caught the mood of the time in terms that Sando might have more luck describing with his degree than I would. It was also emotionally very free, yet offerred plenty of opportunities to get emotionally connected to various groups and people.
What worries me is that Bethesda will get a bunch of simple-minded cretins together who will fill the game with dungeon bashes, and simply copy the FO format stylistically rather than letting it evolve a little. I'd suggest trying a different or at least the odd intense environment. Ithink also that a dark sense of humour was what marked out the earlier games and really made them come alive. Sadly it is this last in particular that I feel is conspicuously absent from the whole Morrowind series.