Even if the writing ends up being soy-drenched and the world design shamelessly apes Borderlands, they'd have to deliberately sabotage themselves to do worse than Bethesda. As long as it's a Fallout/TES-style non-linear world it wins by default, though to me it's unclear so far whether that'll be the case. This E3 will be the moment of truth since we'll see gameplay.Josh is there but he's allegedly only there for Outer Worlds in an advisory capacity.
I think they can do it, primarily because even if it's not perfect - Obsidian has shown as a company they at least consistently give a shit about the games they put out; even if it's in a series they don't like (Star Wars) or if it's for a niche audience (Pillars of Eternity). Them giving a shit will put them a full head and shoulders over Bethesda who has been treating Fallout as nothing but a blatant cash grab (between FO76, Fallout Shelter's Paid Lootboxes, and Fallout 4's mediocre base game and $50 mediocre season pass). Even with Josh in an "advisory" capacity I expect the experience to be tight and fun, similar to NV.