Pretty much. Something I'm not expecting or looking forward to, though, given Bethesda's track record (and from everything I've seen and read about Oblivion so far, the writing hasn't improved). If they somehow managed to magically rectify that, I'll eat my hat. Again, though, I'm not even remotely holding my breath.
RT vs TB, perspective, all irrelevant. I don't even care if it's 'Fallout' or not.
Heck, Fable and Dungeon Siege are complete drivel, but if somehow their sequels suddenly start feature good storytelling/roleplaying, I'll play them.
My prejudice is against stupid games.