It's my favorite game, but I understand where you're coming from. It's pretty black and white in terms of morality and the story was a bit overhyped. Not saying it was bad. In fact, the DLC plotline was the best narrative I've ever seen for any game I've played in a while and the main plot was pretty solid. But if you heard fallout fans talk about the story you'd think it was Hemingway. I'd argue, It was just another run of the mill political/war story. Don't get me wrong, I love that kinda stuff. It just wasn't that much better than other RPG's I've played.
Despite all that I still disagree with you that it was poorly executed. I thought the gameplay was balanced enough and I didn't have problems with difficulty. I thought the faction questlines where pretty fun thanks to the colorful set of characters you met along the way.
But that's just my opinion. I don't blame people for saying it's overrated but I also agree with people who call it one of the greatest things ever made.