I'd agree to that, at least in part. It does feel similar, or rather most of it feels like a modification. Newish content built on old foundation.
It doesn't have a lot about it that's really visually pleasing but there's lots and lots and lots of fun game there. I'm not sure you could get as much game on top of a brand new engine. It certainly could have done with still more art and more voices (the female voices in particular). Very nice atmo-music, worth switching off the PipBoy radio for.
As well as the much publicised bugs familiar to any Obsidian release NV also has Obsidian's interesting characters and occasionally witty writing. It doesn't take its self too seriously, but its also not afraid to tackle serious issues even if its just attached to yet another fetch quest.
I'm playing an emotionally damaged, "female batman" character inspired by the in game comic book La Fantoma! (female version of The Phantom). By day she's a polite and intelligent scientist, complete with white coat.
By night and when on dangerous missions she switches into a fancy red cabaret girl's outfit (The female version of the Mysterious Stranger). With guns blazing and her trusty robot Dog companion she meets out the kind of Justice the NCR can't.
If anyone's interested, but finding it hard to track down maps of the locations in NV.
Here's a good'n