From all the videos I've seen on this, it's just another run of the mill shooter with pretty graphics by id. The only way it's similar to Fallout or even Borderlands is that it's set in a post-apocalyptic world.
Oh, and you can race.
"That's the reason my FFL team name is TrentGreenLeadBlock. When you see this mother****er coming around the corner on a block, put your children to bed and batten down the hatch on your girl's snatch, because the same power that destroys defenders can scar the minds of the youth and simultaneously impregnate any woman within sight, live or on television."