Having watched a few previews, nothing about it appeals to me. =| I don't get the hype.
The hype came from two fronts. One was fans of Bethesda, for whom Oblivion with guns is a kickass idea.
One commenter on Jeff Green's blog said (attributing this to Xplay), "If you consider Fallout 3 just being Oblivion with guns, then you probably also consider Jurassic Park just Jaws with dinosaurs."