Fallout 3 Gameplay Video

G4 TV offers the gameplay demo as Pete Hines showed it at the E3 Microsoft presentation (for the Xbox 360) (also available on GameTrailers).

Notes from the full presentation are available from several sites, like GameSpot, Eurogamer and Engadget.
10: 35 am PT: Prepare for the future, the video tells us. Unfortunately, the future is a nuclear wasteland -- albeit a stunningly rendered one. We see Fallout 3 peering over the devastation and readying his weapon. Todd Howard, Game Director from Bethesda is up. Fallout 3 incorporates everything Bethesda has learned from Oblivion. A live demonstration begins.

10:37 am PT: "You just saw the first half of a trailer that will debut online in just a few hours and on Xbox Live... when we did Oblivion on the 360, we took a lot of risks and learned a lot. We've taken all that learning and applied it to Fallout 3...." Demoing the game, controller disconnected. "I'm good..." A ruined Washington DC is our first sight, with a third-person camera switching to first person as a floating robot whizzes by The PIPboy 3000 is shown (it's on your wrist!) and Todd examines his stats and his "ridiculously violent" weapons

10:39 am PT: You can play stealthily, aggressively and... oh, Todd has gone for the aggressive route. He pulls out a rifle, and targets the body parts of a nearby enemy. He fires a shot, with a slow-mo shaky cam shot showing limbs exploding violently. We're going to like this game. Some cute marching band music plays in the background, rendering a truly surreally violent encounter. Todd switches to a laser rifle and targets the torso of another enemy. Pow, splatter, smile.

10:40 am PT: The world's scale is enormous, with dilapidated strcutures and roads covering the entire field of view. Todd whips out a rocket launcher and wreaks havoc, followed by an EMP grenade which shuts down a robotic baddie.

10:41 am PT: "You can be a good person, a bad person and anyone in-between. A helicopter lands, kicking up dust. The "fatman," a mini nuclear bomb catapult is the response. The camera follows the warhead in slow-mo all the way to its destination. "It's a pretty effective weapon."