Arcanum wasn't horribly flawed. The combat sucked and there were balance issue in the late game but the world was good. As Tim Cain said in that interview from a few days back, Arcanum was a good background with bad combat and TOEE was good combat in a bad setting (apparently not helped by toning down some of the adult themes late in development). Third time could be the charm.
Why do people still harp on about Wasteland like its some holy grail? It's not, it's an old game that few people would look at twice, hell even Fallout is getting to the point for me where the inflexability of the design (yeah, you heard me) makes it painful to play. Want to talk about a game with sucky combat? Fallout 1 or 2. I want control over everybody in my team. The real redeeming features of the two games was the humour, the setting and the freedom to stab people in the back if you wanted to. When Larian announced CaRPG as an April Fools joke I thought yeah, now we get a successor to Fallout from people who still listen to gamers. (and ironically Divine Divinity looks fairly similar to the Fallout games already.)