\I'll do my best, but expecting and comparing AoD to Fallout is kinda silly, no?
Of course, you know it better since you are making that and, of course, I am aware that Fallout had budget and resources.
But..well..this far I got impression AoD would be better than Fallout. Not that I would like it better - I just love Fallout as piece of art, but technically - freedom, different quest solutions and so on - in this field I got impression AoD is better. Technically, no speaking of tastes. On ther other hand, I havent seen AoD, cannot judge.
Plus, remember that many things in Fallout - like talking heads for example - where really hard and expensive to make in 97/98 but nowadays are pretty easy handled. No one asks you for hour-rendered heavy 3D intro movies (those may cost a bit, imo), but you definetly could try to add the feeling, style to every game item. At least with color palette and other simple things. Nothing much, just some additional attention to details.
So, my point - models and everything is fine, but you should add some style to them. They have it already, of course, but elaborate it more. Like, if you are going for trashy setting, make armour look a bit used, with scratches, not very bright, with bumps, if you have items - make them look like taken right from trash can. And so on. Just try to add that additional info to each model/item. Maybe you were doing that already, I just havent noticed it on any of screens. Give some personality to those items. And, yet, I would defintely choose some colors to focuse on - like more gray, more sand-color and so on, so it creates some united mood. That is not that hard to do, imo.