I've been playing it like 15 hours now and it's fine. There's always whining with minor differences.
Unless you're a real nitpicker, the game is well. Not stumbled into any big problems. Yes, there is the occasional framedrop, but it's more in loading situations, the game has a consistent framerate in combat and whatever, I've not encountered a single time that the framedrop consistently dropped in a difficult situation.
So just go for it if it's the only platform you can get it on. It's WELL worth it.
I actually am getting more and more into the game, I'm sidequesting A LOT and I'm actually enjoying it immensely. The more I play with it, the more positive I get about VATS as well. I'm playing it for, as said, more than 15 hours and I keep using VATS everytime I can and I'm not bothered by the slo-mo stuff at all, while I thought I would really be. That's because you're not fighting all the time, and the moments that you fight, it's nice to see some spectacular action.
I think the universe is rather interesting as well, and the radio stations (I've got 2 of the 3 now) are totally great. I both LOVE them.
So, I didn't really like Oblivion but I'm enjoying this greatly. It is Oblivion with guns, but in a good way. I also see that you really get stronger than some enemies. For example, I was in an area in the beginning where I shouldn't be and could barely kill two enemies there. Now I can slaughter this enemy type a lot easier.
This is really a game where you spend countless hours into and also want to do that. The more I play it, the more I like it. Although I do think the world is a bit too big at times to travel on foot (fast-travelling aside, but travelling to the first time somewhere) and I think it could have been more open as well. There's a lot of obstacles, like buildings that you can't pass through, that hinder your way.
But all in all, it delivers. It's a game where you really have to take your time for, but it does keep you playing.