I picked up Fallout 3 last week. tis a fun game but I'm struggling to see what's so great about the VATS system... aside from proving useful when I need to buy some time to think, it sucks over medium to long range distances. it also requires an absurd amount of ammo to kill an enemy when I've been able to kill people without it using much less ammmo!
I don't care for the new style of Fallout, but I loved the first and second ones so I may give it a shot. I remember when the Ultima series went first-person and I hated it, which is a shame.
actually it's not strictly an FPS. you can alternate between first person and third person at any time.