The Best RPG Game Ever on the 360, Period,

1. Graphics
Wow is the word. The graphics in this game are less 'Oblivion' but more like 'Gears of War'. The palette is very gray and gloomy, but still somehow alive. I actually prefer it over the typical green and flowery vistas of other games. Here, you can feel the desolation and desperation when you're wandering the wasteland, from crumbled buildings and dilapitated houses, to entire shanty-towns in the middle of the waste. The first moment when you see the entirety of the wasteland stretching before you is incredible. We're just talking about the graphics here - it literally stretches as far as the character's eyes can see. It's very remarkable how they were able to pull this off on the 360. There are almost no framerate issues save for some slowdowns during the more massive fights, and the textures and objects are detailed. I have some issues with the look of the guns, but then again this is a semi-fantasy world so I can understand the liberties they took. Also, the character models are kind of... dated. It contrasts sharply with the feel of the game world - while the playing environment pulls you in, the sight of the character models will sort of ground you. Not bad though, considering that there's like a couple of hundred characters in this game.
9/10

2. Sound
I'm not a big sound guy, but the sounds in here further immerse you into the game. It's very high quality, including the voice overs. I believe all lines of dialogue are spoken. That's quite something, considering that the first two games hardly had VO's.
The music is provided by radio - the game has 3 radio stations, or at least that's what I've found out for now. The music is 50's swing or big band, and some talk radio. Music also plays intermittently during fights. It's not as extensive as GTA's though.
9/10.

3. Story / Progression
The story progresses at a very nice clip, and the quests are highly entertaining, if somewhat long. I played one quest and it took me two hours to finish it. Two hours. For one quest. And it's not even a major quest. This could be a turn off for others, but it's definitely a plus for me since I want my games to last me a long time. I sincerely cannot imagine doing everything this game has to offer.
There are moral choices in this game, and I have to say they work quite better than, say, Mass Effect. The morality system is not just something they slapped on so they could put it on the box. You can either be extremely good or extremely bad, and the game gives you titles, which is kind of fun. Apparently I'm a 'Pirate of the Wastes'. It isn't easy being bad, either, and not because the game penalizes you for it, but because the writing and the voiceovers can make the characters seem real to some degree. If the object of any writer is to make her readers respond to the writing, then the writer in this game did a very good job.

4. Gameplay
As I have said, the amount of things you can do in this game is astounding. This is mainly in the way of quests that characters in the game give you, and not some gimmicky time consuming filler. Like I said, I barely do quests and I've logged on seven hours already. I haven't even taken on the main quest seriously. That's because the combat by itself is fun. It's part FPS, part 3rd person action, part turn based, courtesy of the VAT system. You basically spend points to pause the game for a while and target body parts.
Still, as with all things, this game is not perfect. It feels too easy at times, even with the difficulty setting in 'hard' (Which you can change in-game, for an XP bonus.) I had to handicap myself to make the game feel more challenging, like say only use the baseball bat or the pistol, or sell a weapon that's too powerful. Anyway, it's not that big of a deal. The VAT system which allows you to target specific body parts so it becomes almost turn based can also be too powerful, too. Still, it never gets old shooting teddy bears at mutants in slow mo.
The game gives you a LOT of items, too, that in the beginning it's hard not to get overwhelmed. You get at least two kinds of pistol near the beginning of the game, at least three rifles, maybe six types of armor, not to mention the drugs and the liquor and the medicines and the parts you can use to assemble other guns. Yes, you can assemble some very creative weapons in this game.
10/10

Summary:

I've played the first and second fallout when I was young, and while those games are really good, they just don't compare with this one. Sorry, but that's the truth. It's not a fair fight of course: We have multi core computers and Bethesda, this game's developer, has much more money than Black Isle had, the original developers of FO 1 and 2.
As to the adult content in this game, it is noticeably more on the safe side than Fallout 2. In this sense, it is more like Fallout 1, in that the sexual and violent parts are toned down, especially in the dialog. It's all very tame but I think it's better that way. The general atmosphere of hopelessness and humanity's drive for survival remains in this game, and probably more so than the past ones. Bravo, bravo Bethesda, you nailed it.
All in all though, this game is better than probably anyone expected it to be. This is better than Oblivion and the original Fallout games, and better than any other game that has come out on the 360, regardless of genre.

10/10 overall.