I think we should separate the program from the game. Yes, on some machines, the game will take a long time to load. So did Diablo and so do a lot of games. It would be a problem if the gameplay being loaded was lame. This is not the case.
Fallout is an absolute hoot to play.
Creating a character involves a lot of input from the gamer and offers a high replayablity factor. If you want to play the game as a dim-witted but lucky hulk, then go ahead and do it. If you want to play as Jill Bond with an attitude then by all means do so. It's up to you, a refreshing change from the staid and static character choices in other RPGs. What is also quite well done is the fact that each decision is calculable.