I've re-rolled several characters to try different stats and see how they effect combat. So far I am seeing the same things Oblivion had... for better or worse, thats up to you.
I've noticed a lot of randomness to creature types spawning but locations seem to be pretty much set. Bad news? I was level one just out of the Vault and took out a deathclaw (random spawn apparantly) with about a dozen or more shots. Hard to tell how many hit since it's more or less a cone of fire with some randomness built in. Either way it was sad how slow the Deathclaw moved. He was more like a Deathsloth. It only got one hit on me before I brought it down. Without using VATS. Shortly after I met the three Raiders (one of which has a flamethrower) and they handed my ass to me.
My guess is that the game will get silly easy as you level the stats you prefer according to your game-play style. Like Oblivion where I played a stealthy lizard assasin that could single head shot about half the targets I took out.
I tried the kill somebody in Megaton route too. I was swarmed by about a dozen people who beat and shot me down within ten seconds after VATS ran it's course.
I like the feel of the Wasteland and the dialog isn't too bad. I'm thinking the exporation and quest will make it a decent game. Time will tell.