I would have preferred some kind of turn-based battle system myself as well, but on the other hnd the whole rest made up for it; the world that lets you really feel like you are actually there.
I do not use the action-controls in battle though; I use the V.A.T.S.-system. While not turn-based I can at least pause the game and choose my target with the different hit-chances etc. Still better than the clicking in Elder Scrolls.
The older Fallouts on the other hand are too slow paced for me. I am really not into 90ies western RPGs, and Fallout 1 and 2 are no exception. I love turn-based battles, but I think japanese RPGs do a better job of making them exciting. I hate it when a Fallout battle takes place and takes like 10 minutes, then the last enemy starts running away from me; he runs 10 steps, I follow 10 steps; this goes on until he reaches the edge on the screen.
I really wanted to like the games, as I am into the scenario, but I just never got into it.
Same with Baldur´s Gate. So I´m really happy about the new Fallout games (and Dragon Age), as they basically make the game flow better imo.