Fate. Karma. An extremely high or low Luck will affect the character - somehow. Events and situations will be changed by how lucky (or unlucky) your character is.
In Fallout, Luck primarily affects your chances with the virtual dice of the game: a high Luck means you're more likely to succeed a roll, while the opposite is also true.
You could test it. Fire tons of shots at something with constant accuracy, first with LK 1 and then LK 10. If there's a difference then a meta-factor applied to the roll could be the explanation. My guess is you wouldn't see any difference, but who knows.
I'm fairly sure the game just rolls a d100 for skill checks... (...)
Siiiiiiiiiiiiiiiiiiiiiignificantly! If your luck is within a median that can be described as "Average", meaning between 4 to 6, you won't notice much influence of LK on your gameplay, besides of course those few instances that it directly comes into play in determining things, such as Skill Checks. But when you have luck that can be described as in "Extremes", 3 and below or 7 and higher, you notice a MAJOR difference. At lower levels, you find yourself being slapped with critical failures frighteningly often (if anyone here has ever played D&D, this is akin to rolling a 1, which is a NIGHTMARE!!! T_T) and at higher levels you see critical failures affecting others more often. Basically if your LK is shit you'll feel like you're beset by the negative half of the Jinxed Trait, and if it's supernatural you'll feel like you're granted the positive half of Jinxed.I've always wondered whether (and to what degree) luck actually affects rolls...
Some checks have modifiers or look for absolute skill levels, but pretty much anything above 150% is excessive. For some skills success is capped at 95% after modifiers (and in at least one stupid case, before modifiers).
Siiiiiiiiiiiiiiiiiiiiiignificantly! If your luck is within a median that can be described as "Average", meaning between 4 to 6, you won't notice much influence of LK on your gameplay, besides of course those few instances that it directly comes into play in determining things, such as Skill Checks. But when you have luck that can be described as in "Extremes", 3 and below or 7 and higher, you notice a MAJOR difference. At lower levels, you find yourself being slapped with critical failures frighteningly often (if anyone here has ever played D&D, this is akin to rolling a 1, which is a NIGHTMARE!!! T_T) and at higher levels you see critical failures affecting others more often. Basically if your LK is shit you'll feel like you're beset by the negative half of the Jinxed Trait, and if it's supernatural you'll feel like you're granted the positive half of Jinxed.
Depending on how you play, this can prove to be a major difference, or utterly meaningless and/or unnoticeable to you. To each their own.