From the Australian site Gameplayer comes a new preview:
The most Highly Anticipated RPGFPS there is!
[...]The game will be using the same engine as Oblivion, though it’s been substantially altered to reflect the game’s focus on mid-ranged combat rather than beating goblins to death with broken twigs. However, the combat isn’t simple first-person combat, despite appearances. The Vault-tec Assisted Targeting System pauses the game in combat, whilst you target certain parts of your enemies’ bodies and they do the same to you. Actions take a certain number of action points, and different attacks will inflict different injuries but only have a certain chance of hitting, depending on your aptitudes and abilities.
Yep, things are a bit slow these days.