As long they don't have a carebear land this game have a lot of potential.
I don't know if anyone here have ever played Ultima Online, one of the first "real" MMORPG's. Before they patched the game to shit it was a reeealy realy good game. Mainly the first 2-3 years.
You could pretty much do whatever you wanted to do, exactly as in Fallout - play good guy / neutral / evil.
The player(s) / guild(s) pretty much policed the world on their own, only bigger cities had guards that protected the innocent, outside cities it's lawless. You could kill & loot each other, steal loot from others kill etc.
If you killed 5 "innocent" players you would get murder status and players could place bounty on your head = meaning you would get other players trying to hunt you down to get the bounty (when you gave the players head to a NPC guard you would then get the bounty posted by other players)
Also it took ~24 real hours for 1 murder count to decay, and guards would attack you on sight if you tried to enter lawfull cities as a known murderer.
There where also less harsh penalties for criminals, for example if you stole from someone else and got caught for the act - you would get criminal tag, but still could stay in towns untill the tag wore off, but you are freely attackable by players who witnessed your thieving.
Also I had lots of fun making homemade traps in that game. I just dropped a trapped chest in the ground, and curios players would go try to open it and *boom* a bomb blew in their face, resulting in their death + free loot for me in the form of players corpse
The only secure items / money you could have was the things you had in the bank. Even players houses could be looted if somone stole your key.
If Fallout MMORPG would have same free loot / kill rules like good old Ultima Online had, It would be the best MMORPG to come out since they destroyed Ultima Online.
Example screenshot of Ultima Online, a lot of playeres gathered at an event:
http://www.wired.com/news/images/full/uo_f.jpg
As you can see if has the same topdown isometric view as fallout 1,2 & tactics.
In reality I guess the old Ultima Online client could be modded to a fallout online client, since there excists player run shards who have made their own maps & graphics.
Anyway if you see "3d" verisions of the ultima online client, it's an attempt to make Ultima Online 3d ish & better graphics, but the majority of the UO players on official & player run servers still go with the good old 2d client.
Cannot realy find any good screenshot since I'm posting from work with a stupid proxy that don't allow many gaming sites
edit: Here I found a good site with stories & screenshots from the game.
http://www.aschulze.net/ultima/stories9/release1.htm