OP:
You're right, the game doesn't actually have that much going for it compared to modern rpg sensibilities. It hasn't, in fact, aged well in regards to what has come after it. It was, in many ways, a prototype.
Here's the thing about Fallout.
It deserves credit for what it did at its time. This was the first crpg to bring true pnp sensibilities into the game. By this I mean, mainly, the relatively equal application of skills to progress through the gameworld, allowing diplomatic and stealthy solutions to problems. Previous rpgs were combat-focused. In many ways, this game gave birth to what we regard as C&C now. It was revolutionary, and as such is deserving of praise.
Another big feature is the lack of handholding and unspoken assumption of the player's intelligence. This wasn't a new feature, but a carry-over of design sentiments present in the gaming area that it emerged from. Something that got eroded away in the following years.
It is the marriage of these two elements, I think, that makes Fallout so "special" in the eyes of many Codexers.
But like all prototypes, many things were poorly implemented, such as what you've already pointed out. This is only to be expected, as its almost impossible to achieve perfection when trying something new for the first time. But as it set the stage, it allowed for better implementations in future games, such as - "gasp" - Fallout 2. It has been improved upon. This is something that many Codexers have a hard time accepting.
When something is groundbreaking, respect for what it has achieved can often morph into an artificial "gold standard" that all other entries - past, present, and future - become measured against. Flaws are overlooked. Differences are dismissed. This is a common phenomenon in all art forms, not just games. Never mind what these untested new entries may have to offer, what's come before has already been proven. The biggest casualty that occurs as a result of this is the belief - and assumption - that art should progress. This in turn can lead to stagnation. Thankfully, these misplaced beliefs are often not the majority opinion, and so aren't a real hamper on further progress.
Perhaps I'm being too harsh on the Codex. Still, last I checked, Fallout still ranked number one on the "Best RPG" list, so perhaps not.
