It's definitely a spiritual successor to New Vegas, but overall it's much smaller in scope and (in my opinion) has a less satisfying progression system.
Pros:
1. Solid Writing: I found the story to be interesting and engaging. There's great ambient world building via notes you find and the main story is fairly interesting with lots of branching paths.
2. Flexible playstyles: they really committed themselves to allowing you to play how you want to. There are the standard melee and ranged playstyles, but stealth and speed are also completely viable for the entire game as well.
3. Combat: Combat is actually pretty good. They replaced VATS with a time dilation mechanic that is basically bullet time/slowmo. I played a ranged character so it felt cool to slow down time and get headshots, etc. Maybe it feels less good with melee characters, I don't know.
Cons:
1. Limited loot: This was a big dissapointment. There were only 2-3 weapons per category, plus a few special weapons thrown in. I felt like I basically had 2 guns for the entire game, which was a bit of a let down. It was disappointing to get the same generic gun again and again from enemies, especially compared to the huge variety of guns in NV.
2. Less exciting progression: They changed the perk system to be much simpler and there are many fewer perks to choose from. Around the mid game I basically had selected all the good perks and felt like there was no point in selecting new ones. You also get perks from leveling up skills but I found that those weren't well balanced and frequently the first tier of perk unlocks were way better than the later tiers, which didn't incentivize much specialization.
3. Setting: This one definitely comes down to personal preference but I was not a big fan of the aesthetic. They swapped 1950s nuclear age with 1920s art deco. Some of the environments and costumes look cool, but generally I found it to be less compelling and exciting than Fallout. This is arguably an unfair comparison because they had a big body of existing Fallout lore to build on for NV but IMO it's a much weaker universe - I can't see it being as interesting even after they make a few games in this setting.
Pros: 1. Solid Writing: I found the story to be interesting and engaging. There's great ambient world building via notes you find and the main story is fairly interesting with lots of branching paths. 2. Flexible playstyles: they really committed themselves to allowing you to play how you want to. There are the standard melee and ranged playstyles, but stealth and speed are also completely viable for the entire game as well. 3. Combat: Combat is actually pretty good. They replaced VATS with a time dilation mechanic that is basically bullet time/slowmo. I played a ranged character so it felt cool to slow down time and get headshots, etc. Maybe it feels less good with melee characters, I don't know.
Cons: 1. Limited loot: This was a big dissapointment. There were only 2-3 weapons per category, plus a few special weapons thrown in. I felt like I basically had 2 guns for the entire game, which was a bit of a let down. It was disappointing to get the same generic gun again and again from enemies, especially compared to the huge variety of guns in NV. 2. Less exciting progression: They changed the perk system to be much simpler and there are many fewer perks to choose from. Around the mid game I basically had selected all the good perks and felt like there was no point in selecting new ones. You also get perks from leveling up skills but I found that those weren't well balanced and frequently the first tier of perk unlocks were way better than the later tiers, which didn't incentivize much specialization. 3. Setting: This one definitely comes down to personal preference but I was not a big fan of the aesthetic. They swapped 1950s nuclear age with 1920s art deco. Some of the environments and costumes look cool, but generally I found it to be less compelling and exciting than Fallout. This is arguably an unfair comparison because they had a big body of existing Fallout lore to build on for NV but IMO it's a much weaker universe - I can't see it being as interesting even after they make a few games in this setting.