I haven't played Valkyrie Chronicles yet, but I have played Fallout 3 and it is simply amazing. Blows Oblivion out of the water in every category. Although if you get a PS3 I suggest you get Metal Gear Solid 4 first as it is the best game for the system by far. I've played throught MGS4 a couple times and it is a masterpiece. I have Fallout on the 360 but I'm sure it's the same experience on the PS3, I would definitely get Fallout 3 eventually if you get a 360 or PS3.