Yes it is very similar to Fallout 3, but the setting is in my home town (and area), so I had to get it.
For the record I'm not a big fan of mods and dlc. Who cares about weapon mods? Is this an action game or an rpg? I can care less about reloading ammo or crafting weapons. I'm still not sure how to do that. Is there someplace convenient I can go to see what parts I need? It seems like I don't need schematics like in Fallout 3 or am I mistaken?
So far the game seems kind of linear, at least if you follow the main quest path and do the associated sidequests for each area. It seems even more linear than Fallout 3, which I find a little disappointed. There are no heavy rpg elements as quests don't have that many resolutions. Dialogue trees are fairly simple with again no multiple ways to talk to a person. As far as I can tell there are very few evil dialogue options and they seem to have no effect on your reputation in town or with that character. The good thing for rpg fans is the story seems pretty cool so far. I like the legionaires they seem like cool bad guys. I actually get tired of super mutants etc (although I'm sure they are in the game somewhere). Finally a different kind of bad guy. Modelled after Ceasar and the romans. Kind of interesting so far.
I am disappointed it's more like an action game rather than an rpg, but I will finish the game. The setting is very cool indeed. I recognize all the names in the game. Although some locations were made up for story purposes. They have a town called Novac which doesn't actually exist. And Searchlight seems to have been taken out of the game.
You start off in Goodsprings. I acutally went to 1st grade in Goodsprings Elementary (the only school in town). So that school you see in the game (infested with insects) is the school I went to for one year as a kid. Although I don't remember it like that

, and I think it was closer to the main road. But goodsprings does look kind of similar to how it does in real life.
So far No crashes to desktop. This game is actually more stable than Fallout 3. Although fallout 3 I played unpatched as the patch would cause problems with games for windows live which I tried to update, but it wouldn't update properly. I've had problems with games for windows before and Windows 7 (with a game called the Witcher). I hate games for windows. All hail steam!! You guys complain about steam constantly, but steam is not that bad. It actually works compared to games for windows.
So unpatched New Vegas> unpatched Fallout 3 imho. But there are some slowdowns in areas with lots of NPC's enemies. I've had a few stuttering problems. So other than some slowdowns, no problems whatsoever for me. Not a single crash or game or quest stopping bug. I have the PC version btw (the only way to play)
Downloading patch right now. That is the only downside of steam, I want to actually play, but have to wait for the patch. My connection is only like 250 k a second, so it isn't that fast. I hope the patch doesn't make my save games not work, or I'd be really pissed. I already invested all day yesterday into the game. A lot of time so far.