I can think of far worse ways for the series to go (like the way of the dodo for one), so I am pretty happy with this if it turns out to be true. Fallout New Vegas is a brilliant game, though admittedly Bethesda doesn't have the track record with FPS's that they do with RPG's.
Given how crappy RAGE ran on PC, (Jesus that pop-in!!! Those blurry textures!!!! ARGH... my EYES!!!), I would rather Gamebryo be used given a choice between the two, though some heavy tweaking would be in order.
“The greatness of a nation and its moral progress can be judged by the way its animals are treated.” - Mahatma Gandhi