Delixe: I really don't care about the graphics as the game is going to use exactly the same mod tools as Fallout 3 so within a week or two there will already be lighting and texture packs.
For me it's not so much about the technical shortcomings of the graphics, but rather the complete lack of of atmosphere and creativity they demonstrate. It's like the art team are sleepwalking their way through it.
Whitecroc: Obsidian have a history of being the go-to developers for sequels. Usually they try just a bit too hard, and the games end up riddled with bugs, with story-telling that walks on the knife's edge between "colourful but average" (NWN2) and "metaphorical and profound" (NWN2: MotB), with KotOR2 ending up somewhere in the middle.
The main problem with Obsidian is that they're usually not given enough time to create the games. That was definitely true of KOTOR 2 which was nothing like complete on release and never will be. NWN 2 was much better though. Certainly far better than the original.
While I feel somewhat confident that Alpha Protocol has been given enough time by now, the same cannot be said for New Vegas. It has always seemed to me to be too little time to create a game of that scope, and what we've seen so far looks very rushed and recycled.