Like its predecessor, New Vegas is a first-person (with optional third person) Action RPG. Thus, in a way, New Vegas serves as more of a direct sequel to Fallout 2 than the actual Fallout 3, wrapping up the region's Myth Arc while opening up new possibilities for future stories.
A good chunk of the development team were exiles from the late Black Isle Studios - responsible for Fallout 2 and the canceled Van Buren - and the game returns to the west coast setting of the originals. Released in 2010, it chronologically takes place after Fallout 3, but it is not the next numbered main game in the series. Fallout: New Vegas is the fifth (canonical) game in the Fallout series, developed by Obsidian Entertainment and produced by Bethesda.